Closing Bell: Nifty, Sensex drop more than half percent ahead of RBI monetary policy meet; midcap, small cap stocks outperform

Snapping two days winning streak, Indian market on Tuesday edged lower by more than half per cent amid mixed global cues and spike in crude prices.  

Benchmarks Nifty50 and the Sensex settled with 0.53%  and 0.72% cuts respectively on Tuesday, a day ahead of RBI monetary policy meeting.  

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The 12-share Nifty Bank dropped nearly 1.5% or over 550 points to end at 38000-mark. 

Rupak De, Senior Technical Analyst at LKP Securities, said Nifty remained sideward throughout the session on Tuesday. "On the higher end, it found resistance around the previous high before ending the session in the red. However, the Nifty has managed to close above 200DEMA, indicating a prevailing positive trend. On the higher end, 18150 may continue to remain an immediate resistance. On the lower end, support is visible at 17800," the expert added. 

Meanwhile, outperforming benchmarks, Nifty mid cap and small cap indices closed with gains of 1.2% and 0.7% respectively.  

Sartor-wise, auto, FMCG, consumer durables, metal and oil & gas stocks saw buying interest, while Private Bank, Financial Services and Realty stocks were top laggards.  

Adani Airports, NTPC, Tata Motors, Power Grid and Tata Consumers were top 5 gainers on the Nifty50, while ITC, TCS, Titan, Nestle India were other stocks that led the Sensex pack.  

HDFC Bank, Bajaj Finserv, Kotak Bank, HDFC Lts, IndusInd Bank, Bajaj Finance and Reliance declined on the two indices 

Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.