The Indian Stock Markets on Tuesday ended with significant losses falling 800 points from the day’s high, and Nifty closed below the 24,650 mark driven by the global cues and the quarterly earnings.
At close, Sensex was down by 210.08 points or 0.27% at 78,428.95 while Nifty was at 24,614.90, down by 159.40 points or 0.64%.
In terms of the sectoral performances, the Media index outperformed, rallying 1.80 percent, while the Reality index lost the most, shedding 2.40 percent.
Key losers on the Nifty were Grasim Industries, HDFC Life, Max Healthcare, Bajaj Auto, Reliance Industries, while gainers included Hindalco, Trent, Apollo Hospitals, Jio Financial and Eternal.
Vinod Nair, Head of Research, Geojit Investments Limited said, “Fundamentally the market participants remain focused on developments surrounding the Strait of Hormuz, as greater clarity and stability in the region could help ease crude oil prices and support a moderation in global bond yields. Meanwhile, the ongoing RBI policy meeting is being closely monitored amid global uncertainties and inflation concerns. Investors are looking for policy measures from the RBI to address these challenges, along with liquidity support for the banking system, which could help sustain market confidence in the near term.”
Dabur India shed nearly 4% after the Food Safety and Standards Authority of India (FSSAI) barred the FMCG major from selling certain food products carrying misleading “100%” claims.
Oil prices:
Oil prices rose amid disruptions to oil flows through key shipping routes persisted as the diplomatic resolution to the US-Iran conflict remained uncertain.
Brent futures rose 3% to $86.33 a barrel after dropping 7% in the previous session to a three-week low. US West Texas Intermediate (WTI) crude was up 30 cents, or 0.37%, at $80.64 a barrel after falling more than 5% in the previous session to its lowest in nearly a week.