Mumbai: After Monday’s sharp sell-off in the stock market, the sensex and Nifty recovered some ground in early trade on Tuesday, helped mainly by a global recovery. However, the recovery was short-lived and finally the indices settled marginally lower as selling pressure increased late in the session. The sensex closed 166 points down at 78,593 points while Nifty was down 63 points at 23,993 points.
“The domestic market tried to rebound mirroring the Asian markets. However, momentum was short-lived,” said Vinod Nair of Geojit Financial Services. “Investors are watching the appreciating (Japanese) Yen, weak US economic data, and rising geopolitical tensions.
They are now exercising caution and shifting towards defensive sectors such as FMCG, IT and pharma. Nonetheless, the market is looking forward to the decline of crude prices and potential rate cuts by the US Fed & RBI to mitigate the downturn risk.” The day’s session was marked by strong selling by foreign funds that recorded a net outflow of Rs 3,531 crore while domestic funds were net buyers at Rs 3,357 crore, BSE data showed.
Among leading stocks, HDFC Bank, Bharti Airtel and SBI contributed the most to day’s slide in sensex while buying in L&T and Reliance Industries cushioned the slide to some extent. We also published the following articles recently Stock market today: BSE Sensex ends 166 points down; Nifty50 below 24,000 The BSE Sensex and Nifty50 closed lower on Tuesday despite initial gains, marking .