Sensex And Nifty 50 End In The Red For Sixth Straight Session
The Indian stock markets ended in the red for the sixth straight session on Tuesday, with the Sensex and Nifty 50 closing at their lowest levels in nearly four weeks.
The Sensex closed at 48,633.63 points, down 1.47 percent, while the Nifty 50 fell 1.44 percent to end at 14,529.45 points. Both the indices had hit their lowest levels since March 10.
The losses were led by banking, auto, and energy stocks. The Nifty Bank index fell 2.07 percent, while the Nifty Auto index declined 1.82 percent. The Nifty Energy index was down 1.76 percent.
Among the banking stocks, HDFC Bank fell the most, down 3.58 percent, followed by ICICI Bank, which declined 2.86 percent. In auto stocks, Tata Motors was the biggest loser, down 3.75 percent, followed by Maruti Suzuki, which fell 2.11 percent. In the energy sector, GAIL was the biggest loser, down 3.35 percent, followed by ONGC, which declined 2.89 percent.
The losses in the stock markets were in line with global markets, which were weighed down by rising bond yields and concerns about inflation. US bond yields rose to their highest levels since January 2020, while the dollar index rose to its highest level since February.
Investors were also cautious ahead of the Union Budget, which will be presented on February 1. The budget is expected to focus on reviving the economy, which has been hit by the pandemic, as well as on fiscal consolidation.
Overall, it was a weak session for the Indian stock markets, with the Sensex and Nifty 50 ending in the red for the sixth straight session. Investors will now be keeping an eye on the Union Budget, which will be presented next week, for cues on the government’s fiscal policies.