Market snaps 2-day winning run
Mumbai: Market benchmarks closed modestly lower on Tuesday after two days of gains, weighed by profit booking in Reliance Industries (RIL), IT and auto stocks amid lack of fresh buying triggers.
A depreciating rupee and lacklustre global cues further weighed on sentiment, traders said. After a positive opening, the 30-share BSE Sensex gained momentum through the session, but succumbed to a fag-end selloff to end at 52,861.18, down 18.82 points or 0.04 per cent. On similar lines, the broader NSE Nifty fell 16.10 points or 0.1 per cent to 15,818.25 points.
"Indian market was led by financial stocks. Business updates of major banks and NBFCs for the quarter of June which showed improvement in business activity, minimising concerns over second wave impact. But profit-booking breached the overall market by the end of the day. Globally, oil prices surged after OPEC called off talks to boost production despite rising global demand," said Vinod Nair, head (research) at Geojit Financial Services.
Foreign institutional investors (FIIs) were net sellers in the capital market on Monday as they offloaded shares worth Rs 338.43 crore, as per exchange data. Tech Mahindra was the top loser among the Sensex constituents, shedding 2.30 per cent, followed by TCS, Maruti, Reliance Industries, Sun Pharma, Infosys and M&M. On the other hand, UltraTech Cement, HDFC Bank, Bajaj Finance, Bajaj Finserv, Kotak Bank and IndusInd Bank were among the gainers, spurting up to 3.22 per cent.