Indian shares fluctuated before ending modestly lower on Tuesday.
Markets opened on a buoyant note after Asian markets rebounded from their worst rout since 2008, following reassuring comments from Federal Reserve officials that the U.S. labor market is holding up better than would be indicated by investor reaction to recent employment data.
Weak cues from Europe and profit taking at higher levels weighed on markets as the trading session progressed.
The benchmark 30-share Sensex ended the session down 166.33 points, or 0.21 percent, at 78,593.07 – extending losses to a third straight session. The Sensex hit an intraday high of 79,852 before reversing course.
The broader Nifty index hit a high of 24,382 before giving up all the gains to settle at 23,992.55, down 63.05 points, or 0.26 percent, from its previous close.
Financials bore the brunt of the selling, with Shriram Finance, SBI Life and HDFC Life falling 2-4 percent. State-run lender SBI dipped 1.5 percent and oil marketing firm BPCL lost 1.8 percent.
On the positive side, Hindustan Unilever, Larsen & Toubro, Tech Mahindra, JSW Steel and Britannia Industries rallied 2-3 percent.
Market Analysis
Sensex, Nifty End Choppy Session Slightly Lower; Financials Worst Hit
2024-08-06 10:25:44
