Closing Bell: Nifty, Sensex end lower amid weak global cues; metal worst hit, drops over 5%

Amid weak global cues, the Indian market extended losing streak for the third day in a row on Tuesday. Benchmarks Nifty50 and Sensex closed lower by 0.38% and 0.19% respectively as the former slipped below 16, 300 and the latter dropped around 100 points. The two indices ended at 16,240.05 and 54,364.85 respectively.  

In the broader market, Nifty midcap and small cap indices declined between 2-2.5% as India VIX went past 22-mark.  

"A weakening rupee despite forex swaps by the Central Bank failed to lift IT stocks even after good deal wins and management commentary post-earnings," said S Ranganathan, Head of Research at LKP securities. 

Though banking, financial and FMCG stocks saw some buying interest in a falling market, metal declined by a whooping over 5% on Tuesday. Realty, Consumer Durable, energy and Pharma stocks were other top laggards.  

MCG stocks saw investor interest today as Bulls attempted to halt the famous adage - Sell in May & Go Away, said Ranganathan. "The Metal Index, however, played spoilsport for the Bulls and dropped over 5% today in Afternoon Trade led by Aluminium & Steel. The Indices in no way represented the damage done today in the broader markets with the Advance-Decline ratio describing the weak undertone," he added.

Meanwhile, among stocks, Hindustan Unilever, Asian Paints, Eicher Motors, UltraTech Cements, IndusInd Bank, Maruti, Kotak Bank and HDFC gained. Coal India, ONGC, Tata Steel, Hindalco, JSW Steel, Sun Pharma, NTPC and Titan declined the most.