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Markets end lower as energy stocks fall

Markets end lower as energy stocks fallMarkets end lower as energy stocks fall
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Market gauges Sensex and Nifty gave up intra-day gains to end lower on Tuesday, dragged down by energy and financial stocks

Mumbai: Market gauges Sensex and Nifty gave up intra-day gains to end lower on Tuesday, dragged down by energy and financial stocks. After rising 272.39 points during the day, the BSE Sensex turned negative and settled 45.72 points, or 0.13 per cent, down at 34,915.80; while the NSE Nifty slipped 10.30 points, or 0.10 per cent, to close at 10,302.10.

In terms of quarterly performance, the Sensex gained 18.5 per cent or 5,447 points during the April-June quarter, while the Nifty rose nearly 20 per cent or 1,704 points. Meanwhile, investors remained cautious keeping in view the impact of the coronavirus pandemic on the economy and the ongoing border standoff with China. Analysts said the Indian market pared intra-day gains as participants adopted a wait and watch approach ahead of Modi's address.

On the Sensex chart, PowerGrid was the top laggard, shedding around 2 per cent, followed by Sun Pharma, ITC, ONGC, Bharti Airtel and Reliance Industries. On the other hand, Maruti, Nestle India, ICICI Bank and UltraTech Cement were among the gainers.

Sectorally, BSE oil and gas, energy, telecom, healthcare, power and utilities indices fell up to 1.51 per cent. While auto, basic materials, FMCG and bankex rose up to 1.05 per cent. Broader midcap and smallcap indices fell up to 0.75 per cent. "In spite of trading positive for most part of the day, the benchmark indices gave up its gains and ended flat with a negative bias. The markets were impacted by the uncertainties surrounding PM''s address to the nation," said Vinod Nair.

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