Mumbai: Amid weak global trend, the two-day long rise in major stock indices Sensex and Nifty came to a halt on Tuesday. Experts said market sentiment weakened due to US President-elect Donald Trump's 'threats' regarding trade tariffs.
The 30-share Sensex closed 105.79 points or 0.13 per cent lower at 80,004.06 in volatile trade. It fell 311.18 points or 0.38 percent to 79,798.67 during the day's trading. The National Stock Exchange's Nifty fell 27.40 points or 0.11 per cent to close at 24,194.50.
Among Sensex stocks, UltraTech Cement, Adani Ports, Sun Pharma, NTPC, Tata Motors, Mahindra & Mahindra, Larsen & Toubro and Power Grid declined significantly.
On the other hand, Asian Paints, Infosys, JSW Steel, Tata Consultancy Services and Reliance Industries closed with gains. US President-elect Trump has said that he plans to impose new tariffs on Mexico, Canada and China as soon as he takes office on January 20. After this there was a decline in global markets.
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Vinod Nair, head of research at Geojit Financial Services, said, “After the recent strong rally, there has been a pause in the domestic market. However, the broader market remained bullish. “With MSCI rebalancing, FIIs have become net buyers, breaking a long selling streak.”
In the broader markets, BSE Smallcap index rose 0.62 per cent and Midcap rose 0.10 per cent. Talking about sector wise, there was a decline of 1.77 percent in utility, 1.55 percent in electricity, 1.26 percent in vehicle, 0.93 percent in oil and gas and 0.64 percent in service sector.
However, during this period, IT, technology, telecom and metal stocks remained bullish. In other markets of Asia, South Korea's Kospi, Japan's Nikkei and China's Shanghai Composite closed down, while Hong Kong's Hang Seng remained in profit. European markets were in the red in afternoon trading. On Monday, US markets closed in positive territory.
All shares of Adani Group closed with a decline. Adani Green Energy declined by 7.05 percent. Global oil benchmark Brent crude rose 0.71 percent to $73.58 per barrel. Foreign institutional investors (FIIs) had bought shares worth Rs 9,947.55 crore on Monday.
–with agency input
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