The Indian Stock Markets on Tuesday ended in red, a day after remaining in flat. Markets took cues from the global developments and the decline in the crude oil prices.
At close, Sensex was down by 388.19 points or 0.49% at 78,154.25 while Nifty was at 24,471.70, down by 112.10 or 0.46%.
Among the sectors, Pharma rose 1% and IT gained 0.6%. The other key sectors like Realty, FMCG and Metal declined 1% each, while Nifty Infra slipped 0.8%.
Further, Nifty Private Bank declined 0.6%, Nifty Auto fell 0.5%, and Nifty Bank shed 0.4%.
Vinod Nair, Head of Research, Geojit Investments Limited said, “A sharp rebound in crude prices shifted market attention back to inflation risks, tempering investor enthusiasm despite a supportive earnings backdrop. Concerns over the disruptions in the Strait of Hormuz and the U.S.-Iran negotiations kept sentiment guarded, particularly ahead of key inflation prints in India and the U.S. The resulting risk-off sentiment weighed on sectors most vulnerable to higher energy costs, while pharma and select IT names emerged as relative gainers. Nevertheless, robust foreign inflows and encouraging corporate earnings are limiting the downside risk.”