The Bombay Stock Exchange (BSE)
benchmark Sensex on Tuesday closed 84 points lower as traders booked profits after five consecutive weeks of rallying.
Aviation stocks, however, shot up after the government
approved carriers' demand of importing jet fuel directly - a move which will help airlines bring down operating costs.
The 30-scrip index
closed at 17,622.45 points, 84.86 points or 0.48 per cent down from its previous close. The 50-scrip Nifty of the National Stock Exchange (NSE) also closed in the red at 5,335.15 points, down 26.5 points or 0.49 per cent.
Broader markets were dull, with the BSE 500 index ending 0.61 per cent lower from its previous close. The BSE midcap index was down 0.81 per cent while the BSE smallcap index shed 0.44 per cent.
Overseas funds, however, were robust buyers even on Tuesday. According to data available with the Securities and Exchange Board of India (Sebi), foreign institutional investors bought stocks worth $226.85 million.
FIIs have pumped in over $3.4 billion in 2012, having bought equities worth $2.03 billion in January and $1.4 billion in just five trading days of February.
Prominent gainers on the 30-scrip Sensex included Reliance Industries, up 1.44 per cent at Rs 844.75; ITC, up 1.38 per cent at Rs 205.30; ONGC, up 1.25 per cent at Rs 286.65; and ICICI Bank, up 0.98 per cent at Rs 936.90.
Among the losers on the benchmark were BHEL, down 4.22 per cent at Rs 259.90; Tata Steel, down 3.3 per cent at Rs 452.35; M&M, down 2.88 per cent at Rs 689.45; and GAIL, down 2.7 per cent at Rs 378.80.
The scrip of Vijay Mallya-led Kingfisher Airlines hit an intra-day high of Rs 30.90, up 20 per cent from Monday's close of Rs 25.75 at the BSE. It closed the day with a 13.2 per cent gain at Rs 29.15.
The Jet Airways stock too moved up 14.48 per cent to close at Rs 341.20. It had risen 18.06 per cent in intra-day trade.
The market breadth was mixed with 1,247 stocks advancing, 1,630 on the decline and 119 unchanged.
Asian markets ended on a dull note, with investors wary of a debt default by Greece because its policymakers are seen to be divided over the strict conditions attached to a financial bailout.
The Japanese Nikkei fell 0.13 per cent to end at 8,917.52 points, while Hong Kong's Hang Seng closed flat at 20,699.19 points. The Chinese Shanghai Composite index was 1.68 per cent down at 2,291.9 points.
European markets were ruling lower as traders awaited news on the Greece debt restructuring.
Britain's FTSE 100 was ruling 0.23 per cent down at 5,878.89 points. The German DAX was similarly trading 0.5 per cent lower at 6,730.8 points. The French CAC 40 was trading 0.33 per cent lower at 3,394.14 points.
- With IANS inputs
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