Stock markets snap 4-day winning run on weak global trends

A man walks past the bull statue at BSE building in Mumbai. File
| Photo Credit: PTI

Benchmark Sensex declined by 195 points on Tuesday, snapping its four-day gaining streak due to selling in IT shares and index heavyweight Reliance Industries amid weak trends from global markets and foreign fund outflows.

Taking a breather after a record-breaking rally, the 30-share BSE Sensex declined by 195.16 points or 0.26% to settle at 73,677.13 due to profit taking. During the day, the barometer tanked 460.04 points or 0.62% to 73,412.25.

The broader Nifty declined by 49.30 points or 0.22% to close at 22,356.30.

Among Sensex firms, Bajaj Finserv and Bajaj Finance fell by over 4% each. Nestle, Infosys, Tata Consultancy Services, Wipro, UltraTech Cement, HCL Technologies, Larsen & Toubro and Hindustan Unilever were the other major laggards.

Bharti Airtel, State Bank of India, Sun Pharma and NTPC were among the gainers.

Tata Motors, which announced the demerger of its passenger and commercial vehicle businesses into two listed entities, closed higher by 3.52% after rallying to a 52-week high in intra-day trade.

Among Asian markets, Seoul, Tokyo and Hong Kong settled lower while Shanghai ended in the green. European markets were trading lower. The U.S. markets ended in negative territory on Monday.

Global oil benchmark Brent crude dipped 0.21% to $82.63 a barrel.

Foreign institutional investors (FIIs) offloaded equities worth ₹564.06 crore on Monday, according to exchange data.

Extending its rally to the fourth straight session on Monday, the BSE Sensex settled at an all-time high of 73,872.29 points. The Nifty closed at a lifetime peak of 22,405.60. Sensex and Nifty rallied around 2% in four sessions to Monday.