Sensex, Nifty End Slightly Lower After Two-day Rally

Indian shares ended slightly lower on Tuesday following two days of strong gains.

Traders locked in profits after U.S. authorities indicted some key executives of the Adani Group on bribery charges and U.S. President-elect Donald Trump threatened to impose tariffs on Mexico, Canada, and China to combat illegal immigration and drugs, raising fears of a renewed trade war.

There was some relief that India didn’t feature in Trump’s initial tariff plans. The downside in the market was also capped by a sharp fall in oil prices on Monday after reports emerged that Israel and Hezbollah are likely to reach a cease-fire agreement within the next few days.

The benchmark S&P/BSE Sensex ended the session down 105.79 points, or 0.13 percent, at 80,004.06 while the broader NSE Nifty index slid 27.40 points, or 0.11 percent, to close at 24,194.50.

Adani Group stocks led losses, with Adani Enterprises and Adani Ports falling 4 percent and 3 percent, respectively.

Adani Power lost nearly 2 percent, Adani Green Energy slumped over 7 percent and Adani Energy Solutions fell almost 4 percent.

Sun Pharma, Bajaj Auto and UltraTech fell 2-3 percent while Infosys, BEL, Asian Paints, Britannia Industries and Shriram Finance rallied 2-3 percent.

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