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Sensex falls 388 pts, Nifty holds 17,500; private banks shine, metals crack

CLOSING BELL: Axis Bank, Kotak Bank, Maruti Suzuki, Power Grid, SBI Life, and ICICI Bank were the top winners on the benchmark indices, rising upwards of 0.5 per cent each

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SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

CLOSING BELL

Equity extended their decline into second straight day, but managed to end sharply off lows on Tuesday, as private banks reversed losses in the second half of the session. 

The S&P Sensex, which had hit a low of over 600 points at 58,298 levels in the intra-day deals, closed the session at 58,576, down 388 points or 0.66 per cent. On the NSE, the Nifty50 bounced back from the low of 17,442 and ended at 17,530, down 145 points or 0.8 per cent. 

Axis Bank, Kotak Bank, Maruti Suzuki, Power Grid, SBI Life, and ICICI Bank were the top winners on the benchmark indices, rising upwards of 0.5 per cent each. However, losses in Hindalco, Coal India, Tata Steel, Tata Motors, Grasim, L&T, Bajaj Auto, BPCL, Wipro, Tech M, JSW Steel, UPL, Bharti Airtel, and RIL put a lid on recovery. All these shares skid between 1.8 per cent and 6 per cent. 

ALSO READ | Sensex slides 871 pts in 2 days: Key factors spooking the markets

In the broader markets, the MidCap and SmallCap indices slipped 1.5 per cent each, dragged by JSW Energy, Bajaj Holdings, Godrej Properties, Mindtree, YES Bank, Birlasoft, GSFC, and Neuland Labs. 

Sectorally, the Bank and Private Bank indices advanced 0.4 per cent each while the Metal index slumped 2.7 per cent.

Buzzing stocks
Shares of Tata Consultancy Services ended mildly lower on the on Tuesday in an otherwise weak market after the information technology (IT) major reported its highest-ever order book and crossed the revenue milestone of Rs 50,000 crore in the last quarter of 2021-22 (Q4FY22). The company also logged highest incremental revenue addition of Rs 350 crore in a year. READ MORE

Shares of Bandhan Bank hit six-month high of Rs 335 in an otherwise weak market, up 4 per cent on the BSE in Tuesday's intra-day trade. The stock of the private sector lender rebounded 6 per cent from its intra-day low of Rs 317.40. READ MORE

ALSO READ | Dollar index back above 100 ahead of expected red-hot US inflation data

Shares of shipbuilding & allied services companies are in focus as they rallied up to 14 per cent on the BSE in Tuesday’s intra-day trade on expectations of strong earnings. These companies are likely to report highest ever turnover for the financial year 2021-22 (FY22). READ MORE
 
Global markets
European sank Tuesday morning as traders monitored heaving selling in the banking sector, and looked ahead to key central bank meetings and US prints. The pan-European Euro Stoxx 600 index was down 1.2 per cent in early deals, with the German DAX dropping 1.8 per cent and the banking sector falling 2.3 per cent. 

On Wall Street, Nasdaq Composite Futures were mildly higher, while Dow Jones and S&P500 Futures were up to 0.12 per cent lower.

Earlier in Asia, Japan's Nikkei slipped nearly 2 per cent, South Korea's Kospi dropped 1 per cent, and Australia's ASX200 fell 0.4 per cent. China's CSI300 and Hong Kong's Hang Seng, however, rose up to 2 per cent. 

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