Domestic benchmark indices Nifty and Sensex ended their week-long gaining streak on Tuesday. Although Sensex touched an all-time high in the morning, it slipped 50 points to reach 61,716. Similarly, Nifty 50 dropped to 18,418 at the end of the day after falling from 18,604.
Notably, broader markets entered the red zone as Nifty Midcap 50 closed at 2.22% lower and Smallcap 50 slipped by 1.47%. The most significant gainers were Tech Mahindra, Bajaj Finserv, Infosys, and Larsen & Toubro. Tech Mahindra has been the biggest winner on the stock market with a 4.12% gain.
Top Share Market Highlights
Here are some of the significant developments that took place in the domestic stock market on Tuesday.
- The midcap index registered the most significant one-day fall in the last 6 months. It declined 714 points to drop to 32,171.
- ITC, Eicher Motors, HUL, and Tata Motors have been among the loss-makers.
- ITC suffered the biggest loss, with the stock dropping 6.23%. The government has created an exclusive panel for the formation of a tobacco taxation policy. This panel will formulate a comprehensive tax policy for ITC tobacco products considering public health issues. It will also review the existing taxation policy on all tobacco products from ITC.
- HUL, which dropped 4%, reported a lacklustre volume growth. HUL announced an interim dividend of Rs. 15 per share with a face value of Re.1 for the period ending 31 March 2022.
- Nifty Bank registered a fall of 471 points from its record high and slipped 144 points to reach 39,540.
- L&T Infotech’s strong earnings helped in lifting up midcap IT stocks. Mphasis and L&T stock jumped 6% each.
- Infosys, Tech Mahindra, and HCL Tech made significant gains. As a result, IT stocks helped in checking the losses suffered by Nifty.
- Some of the most significant losers in the midcap section were India Cements, Union Bank, Tata Power, BHEL, and IRCTC.
- IEX is higher by 6%, and the board is considering a discussion on the bonus issue.
- IRCTC share prices tanked 15% right before the closing bell. Interestingly, the stock touched a high of Rs.6,000 per share earlier today.
Overall Scene during the Closing Bell
The domestic equity market witnessed volatile trading on Tuesday and ended up flat with a negative bias. Sensex dropped 50 points or 0.08% lower and closed at 61,716 while Nifty 50 touched 18,418. Notably, the broader market performed even poorer than both the benchmark indices.
Nifty Realty index was down 4.76%, while the Nifty PSU Bank Index declined 3.74%. Nifty IT also saw significant gains.
Technical analysts and trading experts have cautioned investors that they should wait for now to watch the market. They believe investors need to avoid making hasty decisions.
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Frequently Asked Questions
- Which sectors saw biggest loss in Tuesday’s trading session?
Auto, FMCG, metal, and PSU banking sectors dropped, thereby pulling down the indices further.
- How much did Hindustan Unilever share drop?
HUL shares dropped 2.5% to trade at Rs. 2,588.4 per share.
- What was the advance-decline ratio for Tuesday?
The advance-decline ratio for Tuesday stood at 1:4.