Live
- Several TDP BJP leaders and activists join YSR Congress Party in Visakhapatnam Constituency
- Eluru Parliament Congress Party Candidate Mrs. Kavuri Lavanya Promises Development for Kaikaluru Constituency
- Kavali People Urged to Vote Wisely in Upcoming Elections
- Chintamaneni Prabhakar's Election Campaign Gains Momentum in Denduluru Constituency
- International Dance Day 2024: History, Significance, and Types of Classical Dance Forms
- MLA Candidate Chirri Balaraju Leads Election Campaign in Polavaram Constituency
- Will you continue with INDIA-MVA post-polls: Prakash Ambedkar to Uddhav Thackeray
- 86 pc Indian firms see positive relationship between sustainability & profitability: Report
- Petition filed in Calcutta HC against Abhishek Banerjee over anti-judiciary comments
- Indian Ocean & Bay of Bengal potential CO2 sinks: IIT Madras study
Key indices shed 1% on fag-end selling ahead of Budget
Heavy offloading in RIL, ITC, Bajaj Finance, HDFC; Mcap on BSE delines by `2 lakh cr to `375.20 lakh cr
Mumbai: Benchmark equity indices declined on Tuesday, a day after recording sharp gains, with the BSE Sensex falling over one per cent due to selling in Reliance Industries, ITC and Bajaj Finance.
The 30-share BSE Sensex fell by 801.67 points or 1.11 per cent to settle at 71,139.90. During the day, it plummeted 865.85 points or 1.20 per cent to 71,075.72. The Nifty declined 215.50 points or 0.99 per cent to 21,522.10. Among the Sensex firms, Bajaj Finance fell by 5.03 per cent after its December quarter earnings failed to cheer investors. Titan, UltraTech Cement, Bajaj Finserv, Reliance Industries, ITC and NTPC were among the other major laggards. Tata Motors, State Bank of India, Hindustan Unilever, Power Grid, Tech Mahindra and Tata Consultancy Services were the gainers.
“Selling intensified towards the fag end as investors further slashed their positions in key stocks ahead of the Budget, while weakness in several Asian indices also contributed to the overall fall. “With just one day left for the Budget, investors want to play it safe although there would not be any big-bang announcement by the government in this budget. Focus would rather shift to US Fed policy but indications are that it may maintain the status quo on interest rates, which could unsettle investors further,” said Prashanth Tapse, senior V-P (research), Mehta Equities Ltd.
In the broader market, the BSE midcap gauge declined 0.53 per cent while smallcap index climbed 0.18 per cent. Consumer durables declined 2.40 per cent, capital goods dipped 1.24 per cent, power (1.12 per cent), FMCG (1 per cent), utilities (0.92 per cent) and industrials (0.77 per cent). Realty emerged as the only gainer. In Asian markets, Tokyo settled in the positive territory while Seoul, Shanghai and Hong Kong ended lower. European markets were trading with gains. The US markets ended higher on Monday. Global oil benchmark Brent crude climbed 0.21 per cent to USD 82.57 a barrel on Tuesday. The BSE benchmark jumped 1,240.90 points or 1.76 per cent to settle at 71,941.57 on Monday. The Nifty climbed 385 points or 1.80 per cent to 21,737.60. Foreign Institutional Investors (FIIs) bought equities worth Rs 110.01 crore on Monday, according to exchange data.
Indian stock markets are currently in a reserved state, awaiting the interim union budget. With some markets set to open, the majority of investors are watching out for the budget to know what course to take. Besides the Indian market standstill, Euro-Asian markets have a great influence on the Indian stock market. Indian investors highly invest in European markets and any inflation or fluctuation in the markets will affect the Indian market indices.
