Sensex and Nifty closed marginally lower on Tuesday. The indices were dragged by ICICI Bank, Kotak Bank and IT stocks.
Sensex fell 110 points and settled at 73,904. Nifty dropped 9 points and closed at 22,453.
Gainers and losers
From the Sensex stocks, Kotak Bank, HCL Tech, ICICI Bank, Sun Pharma, and Infosys closed in the red, while M&M, Nestle India, Tata Motors, and SBI ended in the green.
Sector-wise performance:
Financial services, the highest-weighted sub-index on the Nifty, fell 0.22% following three sessions of gains after RBI eased provision norms on investments into AIFs
U.S. rate-sensitive IT stocks fell 0.7%, after manufacturing data signaled strength in the U.S. economy that could allow the Fed to delay rate cuts. Markets are pricing in a 62.1% chance of a 25 basis points rate cut in June. Small- and mid-caps were up about 1.2% each.
Global Stocks
European stocks rose to a new all-time high on Tuesday and the dollar held firm. MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.65% higher, mainly due to Hong Kong stocks. The Hang Seng Index was up more than 2%.
Oil & Rupee
Oil prices rose. Brent futures for June delivery were at $88.9 a barrel. U.S. WTI crude futures for May were at $85.28 a barrel,
The rupee hovered in a tight band as dollar sales by exporters helped offset weakness in the currency’s Asian peers. The rupee closed at 83.3850 against the U.S. dollar.
