FINAL TRADE: Sensex falls 377.5 pts to 69,551, Nifty slides to 20,906 as D-Street ends two-day winning run
Stock market today: The Nifty gave up 90.7 points or 0.43 per cent to end at 20,906.4 while the Sensex finished with a cut of 377.5 points or 0.54 per cent at 69,551.03.
Stock market today: Oil & gas, financial and construction stocks dragged domestic blue-chip indices Nifty 50 and Sensex into the red on Tuesday. The Nifty gave up 90.7 points or 0.43 per cent to end at 20,906.4 while the Sensex finished with a cut of 377.5 points or 0.54 per cent at 69,551.03.
Apollo Hospitals, Sun Pharma, Maruti Suzuki and Coal India are among the top losers, down nearly 2 per cent in the Nifty basket. On the other hand, HDFC Life, UltraTech Cement, Bajaj Auto and SBI Life are among the top gainers in the Nifty basket, trading with gains of around 5-1 per cent.
Amid broad market indices, Nifty Midcap 100 ended 0.39 per cent lower while Nifty Smallcap 100 ended 0.03 per cent higher. In sectoral indices, high beta Nifty Bank closed 0.46 per cent lower while Nifty IT ended flat, down 0.06 per cent.
"Following the recent impressive surge, the Nifty50 has undergone a consolidation phase today due to anticipated elevated November inflation in India, driven by rising food prices, which may potentially delay RBI policy cuts. In contrast, the US inflation outlook remains stable, which could influence the upcoming US Fed policy," Vinod Nair, Head of Research at Geojit Financial Services said.
The Nifty Mid and Small indices, with robust rallies of 42% and 49% on a YTD basis, now carry a 25% premium to their long-term averages, signalling potential valuation concerns. Though the domestic growth outlook remains strong, the risk of EL-Nino is expected to keep the market under pressure," he added.
Global Market
European shares inched up on Tuesday as investors drew comfort from softer-than-expected UK wage growth data and looked forward to a crucial U.S. inflation report later in the day. The pan-European STOXX 600 was up 0.1 per cent as of 0814 GMT and is eyeing a three-day winning streak.
British wage growth slowed more than expected in the three months to the end of October, steering a 0.4 per cent gain in UK's benchmark index.
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