D-St Snapshot: Benchmarks Dip, Nifty IT Bucks Trend, Tata Heavyweights on Sensex

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D-St Snapshot: Benchmarks Dip, Nifty IT Bucks Trend, Tata Heavyweights on Sensex
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The domestic market ended a volatile session on a muted note, extending losses to the fifth straight session on Tuesday.

Gains in industry heavyweights like Reliance (NS: RELI ), ITC and Infosys (NS: INFY ) were offset by financial, banking and auto stocks. Equity benchmark indices Nifty50 ended marginally lower by 0.05% and Sensex slipped 0.066% or 37.7 points. 

The indices began the day on a positive note and remained in green almost throughout the session, later falling in the last hour. They have tumbled over 6% in the past two weeks.

Sectors under the Nifty umbrella ended mixed, with Nifty Metal tumbling the most and Nifty Pharma shining. Nifty IT continued to buck the market trend and surged almost 1% on Tuesday, showing strength from the past few sessions amid the US dollar’s recent dominance in the global markets.

Nifty Bank declined 0.67% with the banking giants like SBI (NS: SBI ), HDFC Bank (NS: HDBK ) and ICICI Bank (NS: ICBK ) falling up to 1%.

On the 30-scrip index Sensex, the Maharatna PSU PowerGrid Corp of India surged the most, while the Tata Group heavyweights Tata Steel (NS: TISC ) and Titan (NS: TITN ) were the worst performers.

VK Vijayakumar of Geojit Financial Services believes that as long as the US dollar continues its relentless rise, coupled with a sustained rise in US bond yields, the equity markets would remain under pressure.

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