MUMBAI: Extending the falling streak to the third day in a row, the sensex closed in the red in volatile trade on Tuesday due to profit-taking in power, oil and capital goods shares ahead of results of Lok Sabha polls.
After gyrating between gains and losses during the day, the sensex ended 220 points lower at 75,170. Nifty dropped 44 points to settle at 22,888 despite beginning the day on a positive note.
Analysts said that stock markets are witnessing ‘buying on dips and selling on rallies’ amid uncertainty ahead of poll results.The sensex and Nifty scaled life-highs on Monday but closed lower due to heavy profit taking at the fag-end.
From the sensex pack, Power Grid, NTPC, Tech Mahindra, Bharti Airtel, Tata Motors, IndusInd Bank, Reliance Industries, Kotak Mahindra Bank and Maruti were among the laggards. On the other hand, Asian Paints, Wipro, JSW Steel, Hindustan Unilever, Bajaj Finserv and Mahindra & Mahindra were among the biggest gainers.
“The Indian market exhibited mild consolidation after the recent sharp surge. The uncertainty-led volatility is likely to continue as markets approach the election outcome,” Vinod Nair, head of research at Geojit Financial Services said.
Analysts said mid- and small-caps underperformed, while defensive sectors like pharma and FMCG were optimistic. In the broader market, the BSE small-cap gauge declined 1.1% and mid-cap index fell 0.6%. In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled lower. European markets were trading on a mixed note.
After gyrating between gains and losses during the day, the sensex ended 220 points lower at 75,170. Nifty dropped 44 points to settle at 22,888 despite beginning the day on a positive note.
Analysts said that stock markets are witnessing ‘buying on dips and selling on rallies’ amid uncertainty ahead of poll results.The sensex and Nifty scaled life-highs on Monday but closed lower due to heavy profit taking at the fag-end.
From the sensex pack, Power Grid, NTPC, Tech Mahindra, Bharti Airtel, Tata Motors, IndusInd Bank, Reliance Industries, Kotak Mahindra Bank and Maruti were among the laggards. On the other hand, Asian Paints, Wipro, JSW Steel, Hindustan Unilever, Bajaj Finserv and Mahindra & Mahindra were among the biggest gainers.
“The Indian market exhibited mild consolidation after the recent sharp surge. The uncertainty-led volatility is likely to continue as markets approach the election outcome,” Vinod Nair, head of research at Geojit Financial Services said.
Analysts said mid- and small-caps underperformed, while defensive sectors like pharma and FMCG were optimistic. In the broader market, the BSE small-cap gauge declined 1.1% and mid-cap index fell 0.6%. In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled lower. European markets were trading on a mixed note.