Sensex, Nifty Settle Sharply Lower
(RTTNews) - Key Indian stock indices Sensex and the Nifty50 ended notably lower on Tuesday, weighed down by weakness in global markets, FII selling, weak Indian PMI data and a weaker rupee.
Global tech stocks fell amid concerns that AI-driven valuations have become overstretched, triggering heavy selling in the Indian tech space.
The Sensex, which recovered from a weak start and stayed above the flat line till around late morning, dropped to a low of 76,082.51 before settling at 76,200.68, down 893.39 points or 1.16%.
The National Stock Exchange's Nifty50 settled with a loss of 278.80 points or 1.16% at 23,824.10, off the day's low of 23,784.95.
The NIFTY IT fell 2.22%. Infosys, Wipro and Tata Consultancy Services ended down by 3.1%-3.4%. HCL Technologies, LTM, Mphasis and Tech Mahindra lost 1.3%-2%.
The Nifty Metal index tumbled 3.2%. Vedanta dropped 7.7%. Nalco fell nearly 6%, while Hind Zinc, Jindal Steel, NMDC, SAIL, Adani Enterprises and JSW Steel lost 3%-5%. Tata Steel, Hindalco, JSL and Hind Copper also declined sharply.
PSU bank stocks Canara Bank, Bank of Baroda, UCO Bank, PNB, Maharashtra Bank, Central Bank of India, Indian Bank, Bank of India, PSB, IOB and sector heavyweight Stata Bank of India shed 1%-3.5%.
Private sector banks HDFC Bank, ICICI Bank, Yes Bank, IndusInd Bank and Federal Bank also declined sharply.
Consumer durables, realty and cement stocks were among the other notable losers.
Pharma stocks Cipla, Dr Reddy's Laboratories and Sun Pharmaceutical Industries moved higher.
The market breadth was weak. On BSE, 2,794 stocks ended weak. 1,496 stocks moved higher, and 176 stocks settled flat.
In economic news, flash data from S&P Global showed India's HSBC Composite PMI fell to 57.4 in June from 59.3 in the previous month. The manufacturing PMI dropped to 54.5 this month from 55.0 in May, while the Services PMI declined to 57.3 from 58.9.
