BENGALURU, Jan 2 (Reuters): India's benchmark indexes fell on Tuesday, dragged by financials, auto and information technology stocks, as selling pressure emerged at near record high levels.
The blue-chip NSE Nifty 50 fell 0.35 per cent to 21,665.80 points, while the S&P BSE Sensex shed 0.53 per cent to 71,892.48.
"We expect selling pressure at near record high levels to continue ahead of the earnings season next week," said Anita Gandhi, founder and head of institution at Arihant Capital
While the undertone remains positive, the markets will need proof of earnings to justify the rich valuations and sustain the ongoing rally, Gandhi added..
The Nifty gained about 20 per cent in 2023, with more than half of it in the final two months, aided by faster-than-expected quarterly growth, elevated bets of US rate cuts in the first half of 2024, and steady retail participation.
On the day, IT stocks lost 1.16 per cent, while financials shed 0.52 per cent. The two sub-indexes, which account for 49 per cent of the Nifty, had gained about 16 per cent and 12 per cent, respectively, in the final two months of 2023.
Auto stocks dropped 1.37 per cent and was the top sectoral loser.
Indian shares fall on selling pressure at near record high levels
FE Team | Published: January 02, 2024 22:11:07
Indian shares fall on selling pressure at near record high levels
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