MUMBAI, India — Indian equity markets slipped on Tuesday, ending a six-session winning streak as investors booked profits amid weakening global cues and reduced expectations of a U.S. Federal Reserve rate cut in December.
The Sensex closed at 84,673.02, down 277.93 points or 0.33 percent. The benchmark index opened flat at 85,042.37, just above the previous close of 84,950.95, but quickly turned lower as selling pressure intensified throughout the day.
The Nifty 50 also declined, closing at 25,910.05, a drop of 103.40 points or 0.40 percent.
“The domestic equity market edged lower as investors booked profits after the recent rebound, mirroring weak global sentiment,” analysts said. “Expectations of a U.S. Fed rate cut in December have diminished, weighing on sentiment, with IT, metal, and realty stocks declining amid a stronger dollar, while private banks offered some support.”
Market participants are now focused on upcoming U.S. jobs data, which could influence the Fed’s policy stance. Analysts added that progress on the India-U.S. trade deal and a strong domestic earnings cycle may help restore investor confidence and drive the Nifty past the 26,000 mark.
Among the Sensex constituents, major losers included Tech Mahindra, Eternal, Infosys, Bajaj Finserv, Bajaj Finance, L&T, Trent, Hindustan Unilever, HCL Tech, Mahindra & Mahindra, TCS, BEL, HDFC Bank, ICICI Bank, and Sun Pharma. On the upside, Bharti Airtel, Axis Bank, Asian Paints, and PowerGrid closed higher.
Sectoral indices largely mirrored the broader market weakness. The Nifty Financial Services index fell 99 points (0.36 percent), Nifty Bank slipped 63 points (0.11 percent), Nifty Auto dropped 104 points (0.38 percent), and Nifty FMCG slid 313 points (0.56 percent). Nifty IT was among the worst hit, ending 400 points lower, down 1.10 percent.
Broader markets also felt the pressure. The Nifty Midcap index declined by 358 points (0.59 percent), Nifty Smallcap 100 dipped 192 points (1.05 percent), and Nifty 100 closed 120 points lower (0.45 percent). (Source: IANS)
