Sensex Slips 104 Points To 78,180, Nifty Ends Below 24,400 At 24,398 Amid Profit Booking

Mumbai: Benchmark equity indices ended lower on Tuesday, snapping their four-session winning streak as investors booked profits after the recent rally. Weakness in heavyweight stocks, selling in defence and realty shares, and pressure in the broader market outweighed gains in IT stocks.

The BSE Sensex closed 104.35 points, or 0.13 percent, lower at 78,180.72, while the NSE Nifty 50 declined 31.65 points, or 0.13 percent, to settle at 24,398.70, slipping below the important 24,400 level.

The Nifty Bank also ended lower, falling 91 points to 58,201, while the Nifty Midcap Index underperformed, closing 186 points lower at 62,285 after giving up most of its intraday gains.

Heavyweight stocks drag benchmark indices

Selling pressure was visible across several large-cap stocks.

Trent emerged as the biggest loser on the Nifty after its first-quarter business update disappointed investors. The stock plunged around 12 percent, making it the biggest drag on the benchmark.

Adani Enterprises, Adani Ports and Bharat Electronics (BEL) also witnessed sharp selling, adding to the weakness in the market.

In the broader market, Kalyan Jewellers fell more than 7 percent after its quarterly update, while Cochin Shipyard declined around 4 percent after the government announced a 5 percent Offer for Sale (OFS).

Other midcap losers included Premier Explosives and AB Fashion, keeping pressure on the broader market.

IT stocks provide some support

Despite the weak market, IT stocks helped limit the fall in the benchmark indices.

Infosys and Tata Consultancy Services (TCS) were among the top Sensex gainers. Titan also gained around 3 percent after reporting a strong first-quarter business update, with its consumer business revenue rising 41 percent.

Swiggy surged nearly 8 percent after foreign investment in the company fell below 50 percent. RITES climbed almost 7 percent after securing a $35 million order from Volantis.

Market breadth remains weak

Sector-wise, Nifty IT was the only major bright spot, while defence and realty stocks witnessed broad-based selling.

Market breadth remained weak as declining shares clearly outnumbered advancing stocks, reflecting cautious investor sentiment after the recent rally.

From the Sensex pack, Infosys, Titan, SBI Life Insurance, Eternal, TCS and Jio Financial Services were among the top gainers, while Trent, BEL, Tata Motors, Larsen & Toubro, Hindalco Industries and Hindustan Aeronautics ended as the biggest losers.