Equity markets swung in trade amid lack of fresh triggers for a decisive move. At close, the Sensex was down 236.00 points or 0.43 per cent at 54,052.61, and the Nifty was down 89.50 points or 0.55 per cent at 16,125.20. Overall about 1,005 shares have advanced, 2220 shares declined, and 121 shares are unchanged.
Dr Reddy’s Labs, Kotak Mahindra Bank, HDFC, Nestle India and HDFC Bank were among the top Nifty gainers, while losers included Divis Labs, Tech Mahindra, Grasim Industries, Hindalco Industries and HUL. IT, metal, and pharma stocks weighed on the benchmarks with Divis Labs, Grasim, Tech M, Hindalco, ONGC, HUL, HCL Tech, and Tata Consumer, and Infosys sliding in the range of 2 to 6 per cent.
The BSE MidCap and SmallCap indices, meanwhile, slipped 0.85 per cent and 1.14 per cent, respectively. Among sectors, the Nifty IT and Pharma indices shed 1.4 per cent and 2 per cent, respectively, on the National Stock Exchange, while the Nifty Financial Services index added 0.4 per cent.
Logistics giant Delhivery closed at Rs 538 as against its issue price of Rs 487 a share. On the other hand, Venus Pipes and Tubes ended at Rs 352 relative to its issue price of Rs 326 on the BSE.
Vinod Nair, Head of Research at Geojit Financial Services, said: “Anxiety of slowing economy & rising interest rates underpinned by soaring inflation continued to haunt the global market. The UK and Eurozone composite PMI registered the slowest rise in business activity in the month of May, worsening global investor risk sentiment. On the domestic front, while all major sectors succumbed to the pressure, the auto sector bucked the market trend this month gaining on fuel price cut and rise in steel custom duty.”
Global Cues
US stocks ended higher on Monday as gains from banks and a rebound in market-leading tech shares supported a broad-based rally following Wall Street’s longest streak of weekly declines since the dot-com bust more than 20 years ago. The Dow Jones Industrial Average rose 618.34 points, or 1.98 per cent, to 31,880.24, the S&P 500 gained 72.39 points, or 1.86 per cent, to 3,973.75 and the Nasdaq Composite added 180.66 points, or 1.59 per cent, to 11,535.28.
Asian shares got off to a sluggish start on Tuesday after a rally on Wall Street was soured by an early slide in US stock futures. After ending Monday firmer, Nasdaq futures lost 1.3 per cent with traders blaming an earnings warning from Snap which saw shares in the Snapchat owner tumble 28 per cent. S&P 500 futures also lost 0.6 per cent, surrendering some of Monday’s 1.8 per cent bounce. MSCI’s broadest index of Asia-Pacific shares outside Japan was left almost flat as a result, while Japan’s Nikkei dipped 0.1 per cent.
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