Indices of the Indian stock markets slipped for the fourth consecutive session on Tuesday as weak corporate earnings, hinting at an economic slowdown, kept investors' sentiment muted, reports business-standard.com.
Heavy selling in select bluechip stocks like HDFC twins and State Bank of India (down 2.0 per cent each), and Reliance Industries and HCL Tech (down 1.0 per cent each) dragged indices lower during the last hour of trade.
The benchmark S&P BSE Sensex settled below the 38,000 mark at 37,983 levels, down 48 points, or 0.13 per cent.
State Bank of India (SBI), HDFC, Bajaj Auto, and HDFC Bank tumbled the most on the 30-share index while Power Grid Corporation, Hero Moto Corp, ITC, and Asian Paints closed the day as the top gainers. The broader Nifty50, too, ended at 11,331 mark, down 15 points, or 0.13 per cent.
In the broader market, S&P BSE MidCap closed at 13,915 levels, down 79 points, or 0.56 per cent while the S&P BSE SmallCap index gained 49 points, or 0.38 per cent, to settle at 13,206 levels.
Indian investors bucked the trend being witnessed in Asian markets and focused on domestic factors to steer through the trade. The sentiment remained negative on the back of heavy selling by foreign investors post Budget announcement and negative management commentary during the quarterly results.
Sectorally, NIfty IT index traded in the green through the day on a weaker rupee. At close, Nifty PSU Banks were the biggest losers, with the index settling over 3 per cent lower followed by Nifty Financial Services index (down 0.72 per cent) and Nifty Pharma index (down 0.70 per cent). Nifty Realty index was the gainer at close, up 0.99 per cent, followed by Nifty IT index (up 0.29 per cent).
Shares of TVS Motor Company hit an over two-year low of Rs 361, down 5.0 per cent in Tuesday's early morning trade on the BSE after reporting a 3.0 per cent decline in net profit at Rs 1.42 billion for the first quarter of fiscal 2020 (Q1FY20), on muted volume, and higher depreciation, interest cost and tax rate.
