Sensex, Nifty end lower on selloff in metal, banking and financial

Sensex and Nifty50 closed lower for the fifth straight session on Tuesday in a volatile trade tracking losses in metal, banking and financial stocks.
 

Investors also remained concerned over persistent foreign fund outflows, traders said. After jumping nearly 560 points during the session, the 30-share BSE index ended 37.70 points or 0.07 per cent lower at 57,107.52. 
 

Similarly, the NSE Nifty50 shed 8.90 points or 0.05 per cent to close at 17,007.40.  Tata Steel was the top loser in the Sensex pack, shedding 2.25 per cent, followed by Titan, SBI, Kotak Bank, Tech Mahindra, ICICI Bank and HDFC twins. On the other hand, PowerGrid, IndusInd Bank, Dr Reddy's, HCL Tech and Nestle India were among the gainers.
 

"In search of a safer dollar and elevated bond yields, foreign investors are withdrawing from Indian equities, resulting in the decline of the domestic market. In contrast to the recent trend of sector performance, banks and autos are exhibiting negative bias, while IT and pharma are showcasing resilience.

 

"Crude prices are closing down, despite expectations that OPEC+ will take more action to cut production in the coming meeting, due to weakening global economy," Vinod Nair, head of research at Geojit Financial Services, said.
 

Of the Sensex constituents, 18 stocks closed lower, while 12 were in the green.
 

The BSE Midcap index declined by 0.01 per cent, while the BSE Smallcap index fell 0.49 per cent.
 

Among sectoral indices, metal, capital goods and banking indices fell the most, while oil & gas, energy, IT and healthcare were the top gainers.
 

Elsewhere in Asia, bourses in Hong Kong, Tokyo and Seoul closed in the positive territory.
 

Stock exchanges in Europe were trading on a mixed note in mid-session deals.