Closing Bell: Market extends decline for 2nd day a in row; Sensex down over 500 points, Nifty settles above 16050 – Metal, IT, Bank stocks drag

The Indian markets on Tuesday closed lower for the second straight session. BSE Sensex slipped over 500 points and Nifty50 settled at key support of 16050 levels. Most of the sectoral indices closed in the red, down over 1 per cent – Metal, IT, and Financials lead the decline.

At the market close, the BSE Sensex slipped almost 509 points or 0.94 per cent to 53,886.61, while Nifty50 dipped by 158 points or 0.97 per cent to 16058.3. Outperforming the benchmarks, the broader markets – Nifty mid and small-cap slipped nearly 0.5 per cent at the close.

As many as 6 stocks advanced and 44 declined on Nifty50 at the market close. Eicher Motors cracked most by over 3 per cent, followed by Hindalco down over 2.5 per cent. While Infosys and BPCL each fall over 2 per cent and Grasim, Tata Motors, Nestle India slipped nearly 2 per cent at the close.

On the contrary, NTPC gained the most surging almost 1.5 per cent, followed by Coal India, Shree Cement, Bharti Airtel, Bajaj Finance and Adani Ports soar marginally in an otherwise weak market.

Sectorally, almost sectors dragged the domestic markets, except for Realty, which closed flat with a positive bias. Nifty Metal, IT, Bank, and Financial Services dipped most between 1-1.5 per cent at the market close on Tuesday.