Financials, Banks Exert Pressure on Nifty, SmallCaps Outperform Benchmarks

  • Stock Market News
Financials, Banks Exert Pressure on Nifty, SmallCaps Outperform Benchmarks
Credit: © Reuters.

By Malvika Gurung -- Indian market indices traded on a negative note in Tuesday’s intraday session, tracking weak cues from Asian peers, while banking and financial packs exerted pressure on Dalal Street, led by Bajaj twins.

Benchmark indices Nifty50 slipped below the 18,700 mark during the trading session, and retreated 0.16% to 18,724.75 levels at 11:39 am.

The 30-scrip Sensex lost 133 points or 0.22% while writing, eroding 300 points earlier in the session. The market fear barometer India VIX jumped up to 2% to 11.43 levels on Tuesday.

Sectoral indices listed under the Nifty umbrella traded mostly in the red, while Nifty Metal and Nifty IT extended support. On the other hand, key index Nifty Bank , Nifty Financial Services and Nifty Private Bank declined 0.4% each.

Small-cap market index Nifty Smallcap 100 outperformed the headline peers, trading 0.4% higher at the time of writing.

On the Nifty50 pack, HCL Tech (NS: HCLT ), HDFC Life (NS: HDFL ), Power Grid Corporation (NS: PGRD ) and Hindalco (NS: HALC ) led the gains, while market heavyweights Bajaj Finserv (NS: BJFS ), Bajaj Finance (NS: BJFN ), M&M (NS: MAHM ) and UltraTech Cement (NS: ULTC ) pulled the index lower.

The leading stock broker Iifl Securities' (NS: IIFS ) shares plummeted 19.24% on Tuesday after the markets regulator SEBI prohibited the company from onboarding new customers for a period of two years.

Continue Reading: Stockbroker Major Crashes 19% As SEBI Bans Onboarding New Clients for 2 Years

On the flip side, shares of HDFC Asset Management Company (NS: HDFA ) zoomed 9% despite its promoter Abrdn Investment Management selling off its entire 10.2% stake in the financial company via block deals on Monday.

Continue Reading: HDFC AMC Jumps 9% Despite UK-Based Promoter Exiting the Company

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