The indices wipe out their gains for the day, end a little lower; Sensex slips 100 points

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Sensex, Nifty, stock prices today: The benchmark BSE and National Stock Exchange (NSE) stock indices erased their gains for the day to end slightly lower on Tuesday after a massive sell-off in the last hour of trading.

The S&P BSE Sensex fell 100.42 points (0.19%) to end at 53,134.35 while the Nifty 50 slipped 24.50 points (0.15%) to settle at 15,810, 85. Both indices had opened more than 0.5% earlier in the day and rose 1.2% in the intraday session.

On the BSE benchmark, ITC, Wipro, Mahindra & Mahindra (M&M), Larsen & Toubro (L&T), Maruti Suzuki India and IndusInd Bank were the main laggards on Tuesday. On the other hand, Power Grid Corporation of India, Bajaj Finserv, Hindustan Unilever (HUL), Sun Pharmaceutical Industries, Reliance Industries (RIL) and Tata Steel were among the major winners.

Among NSE sectors, Nifty Media fell 0.90%, Nifty IT fell 0.70%, Nifty Bank slipped 0.37% and Nifty Auto fell 0.36% on Tuesday.

In the broader market, the S&P BSE MidCap Index slid 77.61 points (0.35%) to end at 21,959.55, while the S&P BSE SmallCap came in at 25,003.90, up 49.36 points (0.20%).

“The domestic market had started strong extending yesterday’s gains supported by strong macro data, but global stock markets opened weak, which closed with marginal losses. The current global market trend indicates that uncertainties surrounding the recession and monetary policy tightening continue to haunt investor confidence. The dollar index opened sharply higher, affecting the performance of emerging currencies, depreciating the INR,” said Vinod Nair, Head of Research at Geojit Financial Services.

Global market

Stocks fell in Europe on Tuesday after a bullish session in Asia, while Wall Street futures slipped ahead of the reopening of U.S. markets after Independence Day.

Benchmarks also fell in Paris, London, Frankfurt and Shanghai. But stocks gained in Tokyo, Seoul and Hong Kong.

The war in Ukraine and its impact on energy supplies is clouding the global economic outlook at a time when central banks are raising interest rates to curb inflation.

The German DAX fell 1.1% to 12,630.86 while the CAC 40 in Paris lost 1.2% to 5,885.94. Britain’s FTSE 100 fell 1.3% to 7,135.52. The S&P 500 future was 0.6% lower while that of the Dow Jones Industrialists fell 0.5%.

Japan’s benchmark Nikkei 225 added 1.0% to end at 26,423.47. The South Korean Kospi jumped 1.8% to 2,341.78. In Hong Kong, the Hang Seng gained 0.1% to 21,856.85. The Shanghai Composite was little changed, losing less than 0.1% to 3,404.03.

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