FINAL TRADE: Sensex slips 456 pts, Nifty settles at 22,147.9 amid heavy selling in IT
Stock market today: At close, the 30-scrip barometer was down 0.62 per cent or 456.1 points at 72,943.68 and NSE Nifty slipped 124.6 points or 0.56 per cent at 22,147.9.
Stock market today: Domestic blue-chip indices settled lower amid heavy selling in information technology (IT) stocks. Globally, expectations of likely delay in U.S. rate cuts added to investor concerns already weighed by geopolitical tensions in the Middle East.
At close, the 30-scrip barometer was down 0.62 per cent or 456.1 points at 72,943.68 and NSE Nifty slipped 124.6 points or 0.56 per cent at 22,147.9.
"The domestic market sustained its consolidation trend for the third consecutive day, amid apprehensions regarding geopolitical tensions and a drop in the probability of a cut-rate in the short-term. Heightened concerns arose following stronger-than-anticipated US retail sales, amplifying the assumption that the US Federal Reserve might delay rate cuts, leading to a notable uptick in the dollar index and US bond yields," said Vinod Nair, Head of Research, Geojit Financial Services.
He added the IT sector saw the most significant decline, primarily due to expectations of earnings being affected by the weak discretionary spending in the US and muted domestic Q4 results.
In the broader market, Nifty Midcap 100 was flat with a negative bias and Smallcap 100 closed in green. Meanwhile, Nifty Bank was down 0.40 per cent at 47,484.8.
Among the Nifty 50 stocks, 16 stocks advanced with Eicher Motors, ONGC, HUL, Titan, and Divi's Laboratories being the top gainers rising in the range of 1.3 per cent to 3.05 per cent. Conversely, Infosys, LTIMindtree, Bajaj Finserv, Wipro, and IndusInd Bank were the top laggards sinking between 2.25 per cent to 3.61 per cent.
Meanwhile, among the Sensex constituents, Infosys, IndusInd Bank, and Wipro were the top losers.
GLOBAL MARKETS
World shares skidded Tuesday following a slump on Wall Street after a report showed American shoppers spent more at retailers last month than expected. A strong U.S. economy might keep inflation from falling to a level where the Federal Reserve feels comfortable cutting interest rates. High-interest rates and bond yields hurt prices for all kinds of investments.
(With inputs from agencies.)
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