Indian equity benchmark indices continued their downward trend on Tuesday, erasing all gains from the previous trading sessions. The Sensex closed 383.60 points lower at 73,511.85, while the Nifty settled 140.20 points lower at 22,302.50. This pattern of failing to hold on to early gains was seen for the third consecutive day, following similar trends from Monday and last Friday.
Despite opening higher on strong global cues, the stock market could not sustain the momentum. The FMCG, IT, and consumption sectors were the only ones in the green, with FMCG seeing a significant increase. Marico, a major player in the FMCG sector, reported a rise in consolidated net profit in Q4, leading to a nearly 10% increase in its shares.
In the currency market, the Rupee settled on a flat note at 83.52 against the US dollar. However, it did see a slight increase in early trade. The global rally in Asian indices, driven by rate cut optimism in the US, saw Japan’s Nikkei and South Korea’s Kospi trading higher.
Monday also saw a similar trend, with both indices eroding gains to close near the flatline. The Sensex inched higher while the Nifty closed lower, indicating the ongoing volatility in the market. Investors will be closely watching for any developments that could impact the market in the coming days.
