Indian Markets end 3-day winning streak to end lower on Tuesday - LuvKush Finserve

Markets snapped three-day winning streak to end lower on Tuesday after the central bank's move to reduce rupee liquidity and an increase in short-term rates dashed hopes of rate cut in the near term thereby raising growth concerns. The Sensex ended down 183 points at 19,851 and the Nifty closed 76 points lower at 5,955.

The rupee was trading higher by 57 paise to 59.32 to the dollar on selling by banks after the Reserve Bank announced a slew of measures to arrest the local currency's fall against the greenback. Rate sensitive shares were among the top losers with financials leading the decline.

BSE Realty Index was the top loser among sectoral indices on the BSE down 5.6% followed by Bankex, Capital Goods, Metal, Consumer Durables and Auto among others.

PSU banks witnessed profit taking on account of rising bond yields while some of the private banks dependent on short-term funding also witnessed profit taking after the central bank hiked short-term rates.

Among the auto pack, M&M, Maruti Suzuki, Hero MotoCorp ended 1-2% lower. FMCG majors ITC and Hindustan Unilever along with Reliance Industries and ONGC were among the top Sensex gainers. The BSE Mid-cap index ended down 1.5% while the Small-cap index ended 0.8% lower.

Source : Equity Bulls

Keywords