Sensex Drops 330 Points, Nifty Down to 23,329 Dragged by IT Stocks

Mumbai: Benchmark indices Sensex and Nifty ended lower on Tuesday despite a positive trend in global markets and easing crude oil prices, dragged by IT, financials and capital goods stocks.

The 30-share BSE Sensex declined 329.91 points, or 0.44 per cent, to settle at 74,529.08. During the day, it lost 435.28 points, or 0.58 per cent, to 74,423.71.

The 50-share NSE Nifty dipped 85.30 points, or 0.36 per cent, to end at 23,329.

Among the 30 Sensex firms, Bajaj Finserv, Trent, Bajaj Finance, Sun Pharma, Tata Consultancy Services and UltraTech Cement were the major laggards.

Eternal, Interglobe Aviation, Titan and Tata Steel were among the winners.

Brent crude, the global oil benchmark, declined 1.67 per cent to USD 98.66 per barrel.

“Indian equity benchmarks ended lower on Tuesday, with domestic sentiment remaining weak despite a more supportive global backdrop. Falling crude oil prices and softer global bond yields offered a more supportive backdrop, but the improvement in global conditions failed to translate into gains for Indian equities.

“Broad-based selling across IT, financials and consumer goods kept the domestic benchmarks under pressure,” Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.

In Asian markets, South Korea’s Kospi, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng index ended marginally higher.

European markets were trading in positive territory. US markets ended significantly higher on Monday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 576.20 crore on Monday, according to exchange data.

On Monday, the Sensex jumped 564.03 points, or 0.76 per cent, to settle at 74,858.99. Rising for the fourth day, the Nifty was up 67.90 points, or 0.29 per cent, to end at 23,414.30.

(Disclaimer: Except for the headline, this article has not been edited by HDFC Sky editorial team and is auto-generated from PTI feed.)