Lacklustre Session: Sensex Falls, Broader Indices Outperform, HDFC Twins Slump

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Lacklustre Session: Sensex Falls, Broader Indices Outperform, HDFC Twins Slump

By Malvika Gurung -- Indian equity benchmark indices ended lower, snapping a two-day winning streak and logged their worst day in over two weeks on Tuesday.

The domestic market began the session on a flat note and ended lower, led by profit booking witnessed in financial and banking stocks, along with pressure witnessed in heavyweights, along with no positive cues coming in from the Asian markets.

Benchmark gauges Nifty 50 ended 0.72% lower, and BSE Sensex dropped 96 points or 0.53% on Tuesday, as power stocks and FMCG scrips defied market mood, ending higher and supporting the market.

Despite the headline indices falling, broader market indices outperformed and continued their positive rally on Tuesday. NIFTY Smallcap 100 ended 0.85% higher and NIFTY Midcap 100 surged 1.38% in the session.

Mid-cap and small-cap stocks have become attractive after consolidating for the past 5-6 months, and their upward movement can continue in the near to medium term, given volatility induced by the ongoing Ukraine war, imminent rate hikes and inflationary pressures, stated Vinod Nair from Geojit Financial Services.

5 out of 11 sectoral indices listed under the Nifty basket ended the session lower, led by Nifty Private Bank slumping 1.53%, and Nifty Bank plunging 1.47%. Nifty FMCG and Nifty Auto rose past 1.2%.

Adani Ports (NS: APSE ) , NTPC (NS: NTPC ) and PowerGrid Corporation (NS: PGRD ) were the top gainers on Nifty50, rising 2-3.2% each, while HDFC Bank (NS: HDBK ), Bajaj Finserv (NS: BJFS ) and HDFC (NS: HDFC ) slumped 2-3.2% on the index.

Almost 47% of stocks listed on the 30-scrip index Sensex ended in the green.

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