FMCG, Power, Utilities, Realty, IT and Consumer Durable stocks led from the front, while Metal, Oil & Gas, Finance, Auto, Telecom and Energy stocks were among the major losers on BSE. At close, the market breadth was skewed in favour of the bears. About 752 stocks declined, 682 advanced and 68 remained unchanged on the NSE.
The stock market erased morning gains and closed lower on Tuesday due to profit-booking in metal, oil & gas and PSU stocks. European markets, which opened lower, also weighed on domestic shares.
The Nifty Bank index snapped its longest winning run in two years amid weakness in broader market and profit selling. Nifty Bank index closed lower by 0.21%, HDFC Bank and Kotak Bank were the top losers on Bank Nifty index, down by 1%, while Canara Bank and Axis Bank advanced by 2% each.
Finally, the BSE Sensex ended with a loss of 53 points at 27,236. The BSE Sensex opened at 27,332 touched an intra-day high of 27,381 and low of 27,179.
The NSE Nifty closed with a loss of 15 points at 8,398. The NSE Nifty opened at 8,415 hitting a high of 8,441 and low of 8,378.
Sentiments remained cautious after reports that the IMF has cut India's growth forecast for the current fiscal by one percentage point, due to the temporary negative consumption shock induced by cash shortages and payment disruptions associated with the recent currency note withdrawal and exchange initiative. In an update of its flagship publication the World Economic Outlook, the IMF said India is likely to grow by 6.6% only in FY17, down from 7.6% estimated earlier and marginally behind China that is pegged to grow at 6.7% in 2017.
FMCG, Power, Utilities, Realty, IT and Consumer Durable stocks led from the front, while Metal, Oil & Gas, Finance, Auto, Telecom and Energy stocks were among the major losers on BSE.
Among the 50 stocks of the Nifty, NTPC, Asian Paints, Hero MotoCorp, Axis Bank and HUL were among the gainers, whereas Reliance Industries, Coal India, Adani Ports, ONGC, Infratel and Lupin were among the losers today.
At close, the market breadth was skewed in favour of the bears. About 752 stocks declined, 682 advanced and 68 remained unchanged on the NSE.
The India VIX (Volatility) index was up 2% at 15.39.
In the broader market, the BSE Smallcap index gained 0.33% while the BSE Midcap index was unchanged compared to its previous closing.
The rupee was trading up by 14 paise at 67.96 per US dollar.
On the global front, Asian stocks closed on a mixed note. Hong Kong’s Hang Seng advanced 0.54%, China’s Shanghai Composite ended marginally up, while Japan’s Nikkei slipped 1.5%.
All European markets were trading in red ahead of UK Prime Minister Theresa May's speech later today. May is likely to provide details on the UK's exit from the European Union. Germany’s DAX decreased 83 points or 0.7% to 11,472, France’s CAC decreased 0.54% to 4,856 and UK’s FTSE 100 decreased 0.33% to 7,303.
Reliance Industries tanked 3.3% on the BSE. The company reported a 4% rise in its third quarter net profit after a dip in refinery margins was offset by robust petrochemical earnings. The consolidated net profit of Rs 7,506 crore in October-December quarter, was 3.6% higher than Rs 7,245 crore in the same period quarter a year ago.
NIIT Technologies slipped 2.2% after the company reported consolidated results for the quarter which were largely in-line with street estimates. Its revenue for the quarter came in 0.2% higher than the estimated figure of Rs 692.5 crore. EBITDA for the quarter came in 3.8% higher than the estimated figure of Rs112 crore.
Tata Global Beverages stocks closed flat at Rs 128. The company intends to divest its stake in its joint venture, Zhejiang Tata Tea Extraction.
Hindustan Zinc slipped 1% after the company posted 44% jump sequentially in mined metal production for December quarter.
Logistics stocks closed higher on Tuesday. The government has finally rolled out the date for the long awaited GST implementation, which has now been extended to July 1, 2017. FM Arun Jaitley has informed during a press meet on Monday that the draft of integrated GST and IGST, taxes that will be levied by Centre, SGST and CGST will be finalised in their next meeting on February 18, 2017. Logistics stocks such as Snowman Logistics, Shreyas Shipping & Logistics, Patel Integrated Logistics, Allcargo Logistics, GATI and Aegis Logistics are up by more than 1%.
The stock market erased morning gains and closed lower on Tuesday due to profit-booking in metal, oil & gas and PSU stocks. European markets, which opened lower, also weighed on domestic shares.
The Nifty Bank index snapped its longest winning run in two years amid weakness in broader market and profit selling. Nifty Bank index closed lower by 0.21%, HDFC Bank and Kotak Bank were the top losers on Bank Nifty index, down by 1%, while Canara Bank and Axis Bank advanced by 2% each.
Finally, the BSE Sensex ended with a loss of 53 points at 27,236. The BSE Sensex opened at 27,332 touched an intra-day high of 27,381 and low of 27,179.
The NSE Nifty closed with a loss of 15 points at 8,398. The NSE Nifty opened at 8,415 hitting a high of 8,441 and low of 8,378.
Sentiments remained cautious after reports that the IMF has cut India's growth forecast for the current fiscal by one percentage point, due to the temporary negative consumption shock induced by cash shortages and payment disruptions associated with the recent currency note withdrawal and exchange initiative. In an update of its flagship publication the World Economic Outlook, the IMF said India is likely to grow by 6.6% only in FY17, down from 7.6% estimated earlier and marginally behind China that is pegged to grow at 6.7% in 2017.
FMCG, Power, Utilities, Realty, IT and Consumer Durable stocks led from the front, while Metal, Oil & Gas, Finance, Auto, Telecom and Energy stocks were among the major losers on BSE.
Among the 50 stocks of the Nifty, NTPC, Asian Paints, Hero MotoCorp, Axis Bank and HUL were among the gainers, whereas Reliance Industries, Coal India, Adani Ports, ONGC, Infratel and Lupin were among the losers today.
At close, the market breadth was skewed in favour of the bears. About 752 stocks declined, 682 advanced and 68 remained unchanged on the NSE.
The India VIX (Volatility) index was up 2% at 15.39.
In the broader market, the BSE Smallcap index gained 0.33% while the BSE Midcap index was unchanged compared to its previous closing.
The rupee was trading up by 14 paise at 67.96 per US dollar.
On the global front, Asian stocks closed on a mixed note. Hong Kong’s Hang Seng advanced 0.54%, China’s Shanghai Composite ended marginally up, while Japan’s Nikkei slipped 1.5%.
All European markets were trading in red ahead of UK Prime Minister Theresa May's speech later today. May is likely to provide details on the UK's exit from the European Union. Germany’s DAX decreased 83 points or 0.7% to 11,472, France’s CAC decreased 0.54% to 4,856 and UK’s FTSE 100 decreased 0.33% to 7,303.
Reliance Industries tanked 3.3% on the BSE. The company reported a 4% rise in its third quarter net profit after a dip in refinery margins was offset by robust petrochemical earnings. The consolidated net profit of Rs 7,506 crore in October-December quarter, was 3.6% higher than Rs 7,245 crore in the same period quarter a year ago.
NIIT Technologies slipped 2.2% after the company reported consolidated results for the quarter which were largely in-line with street estimates. Its revenue for the quarter came in 0.2% higher than the estimated figure of Rs 692.5 crore. EBITDA for the quarter came in 3.8% higher than the estimated figure of Rs112 crore.
Tata Global Beverages stocks closed flat at Rs 128. The company intends to divest its stake in its joint venture, Zhejiang Tata Tea Extraction.
Hindustan Zinc slipped 1% after the company posted 44% jump sequentially in mined metal production for December quarter.
Logistics stocks closed higher on Tuesday. The government has finally rolled out the date for the long awaited GST implementation, which has now been extended to July 1, 2017. FM Arun Jaitley has informed during a press meet on Monday that the draft of integrated GST and IGST, taxes that will be levied by Centre, SGST and CGST will be finalised in their next meeting on February 18, 2017. Logistics stocks such as Snowman Logistics, Shreyas Shipping & Logistics, Patel Integrated Logistics, Allcargo Logistics, GATI and Aegis Logistics are up by more than 1%.
