Closing Bell: Markets slip for second day in row; metal, IT stocks drag benchmarks; Sensex down by nearly 400 points

Indian markets closed negative for the second straight session dragged by metal and IT stocks. Sensex closed around 400 points lower and Nifty50 also settled 1 per cent lower managing to stay above the 17500-mark.  Broader markets underperformed the benchmarks during Tuesday’s session. 

At the market close, the BSE Sensex declined just under 400 points or 0.66 per cent to 58576, while the Nifty slipped almost 145 points or 0.82 per cent to 17530 levels on Tuesday. In the broader markets, the Nifty Midcap fell by around 2 per cent and the Nifty Smallcap dipped by over 1.5 per cent at close. 

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As many as 8 stocks advanced and 42 stocks declined on Nifty50 at the close. Private lenders Axis Bank and Kotak Mahindra Bank surged most by over 1.5 and 1 per cent respectively, followed by Power Grid, ICICI Bank, and IndusInd Bank each gained between 0.5-1 per cent at the close.

On the contrary, Hindalco plunged almost 6 per cent to become the top laggard, followed by Coal India down over 5 per cent at the market close. Other index heavyweights such as Grasim, Tata Steel, Bharti Airtel, and BPCL each declined between 2-4 per cent at the close.

Except for Nifty Bank and Financial Service, all other sectoral indices witnessed weakness. Nifty Metal plummeted most by around 2.5 per cent, followed by Nifty PSU Banks and IT each down nearly 2 per cent at the market close.