Domestic benchmark equity indices snapped their two-day winning streak on Tuesday and settled lower. Headline peers finished in the red as fag-end selling pressure weighed on the market sentiments shrugging off early positive cues. Traders took some profit off the table as no major triggers are lined up to guide the markets in the near term. For the day, the 30-share pack BSE Sensex tanked 413.24 points, or 0.66 per cent, to settle at 61,932.47, while Nifty50 index dropped 112.35 points, or 0.61 per cent, to close at 18,286.50. However, Broader markets outperformed the headline peers as both BSE midcap and smallcap indices settled in green. Fear gauge India VIX rose about a per cent to 13.29 level. "Markets took a breather as profit-taking emerged as the key factor which dragged the Sensex below the psychological 62,000 mark. While strong FII buying and upbeat domestic economic readings had been aiding the rally over the past few weeks, global uncertainty over interest rate movement and slackening demand would prompt investors to book profit at regular intervals," said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities. "Technically, a reversal formation and bearish candle on daily charts suggest profit booking is likely to continue in the near future and the Nifty could face resistance at 18400. Below the same, the index could retest the level of 18,200 and may fall up to 18,150. On the flip side, above 18,400, the chances of the index hitting 18,450-18,475 would turn bright," he said. On a sectoral front, Nifty PSU Bank index rallied about a per cent. Nifty Consumer Durable and Nifty IT index were the only other gainers. On the downside, the Nifty Media index dropped over a per cent, followed by the Nifty Auto, Financial Services and Private Bank indices. In the Nifty50 pack, Kotak Mahindra Bank, Tata Motors, Mahindra & Mahindra and Apollo Hospitals dropped 2 per cent, each, followed by a one per cent fall in Maruti Suzuki, Bharti Airtel, Sun Pharma, Reliance Industries, Power Grid, Eicher Motors and Tech Mahindra, respectively. Among the gainers, Bharat Petroleum jumped about 2 per cent. Coal India, ONGC and Bajaj Finance added over a per cent each. NTPC, State Bank of India and Hindalco were other key gainers for the day. The domestic benchmark's ascent towards a record high was interrupted by selling pressure in heavyweight stocks, although small and mid-cap stocks outperformed, said Vinod Nair, Head of Research at Geojit Financial Services. "As anticipated, the Eurozone economy experienced modest growth of 0.1 per cent (QoQ) in the January-March 2023 period, following a stagnant previous quarter. In the US market, cautious trading prevailed as debt-ceiling negotiations took precedence," he said. A total of 3,659 shares were traded on BSE on Tuesday, of which 1,846 settled with gains. 16,78 stocks ended the session lower while 135 shares remained unchanged. A total of 209 shares hit their upper circuit, whereas 125 tested the lower circuit levels for the day. In the broader markets, Zensar Technologies dropped more than 8 per cent after Q4 earnings and brokerage reports. Ugro Capital dropped about 7 per cent, while Jubilant Ingrevia dropped 6 per cent after March 2023 quarter results. Dharmaj Crop Guard was down 6 per cent, while Safari Industries and Dish TV tumbled 5 per cent. On the contrary, Vesuvius India hit an upper circuit of 20 per cent to close at its 52-week high after a strong quarterly result. Mishra Dhatu Nigam jumped over 9 per cent ahead of its earnings, while Sonata Software rose 8 per cent after Q4 numbers. Trident also gained over 8 per cent for the day.
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