Sensex and Nifty — the benchmark indices of the domestic equity markets — extended losses for the third consecutive session on Tuesday tracking weakness in global markets, a weak rupee and sell-off in index heavyweights. The BSE Sensex slipped below the 34,000-mark, plunging nearly 400 points intra-day to scale a low of 33,742.75 points. Index heavyweights Infosys, TCS, ICICI Bank, Asian Paints, Sun Pharma, and Reliance Industries collectively wiped off nearly 250 points from the Sensex index.
The BSE Sensex closed Tuesday’s trade 287.15 points or 0.84% lower at 33,847.23 points. The BSE market breadth was bearish, with 1,790 declines and 798 advances. On the National Stock Exchange, the Nifty tested the 10,100-level and hit an intra-day low of 10,102.35 points on Tuesday, dragged by heavy selling pressure in IT, media, pharma, PSU banks, metals, auto and FMCG sectors. The Nifty closed at 10,146.80 points, down 98.45 points or 0.96%.
Among major stocks, IndusInd Bank shares recovered after the private lender said it didn’t declare exposure to IL&FS as it waiting for resolution plan to take shape. RCom shares rallied nearly 4% after the Supreme Court allowed the firm time till December 15 to repay Rs 550 crore to Ericsson. Bajaj Finance shares rose marginally after the company reported a 54% rise in profit after tax for Q2 FY19 to Rs 923 crore. Asian Paints shares fell to a 7-month low after the firm reported weak Q2 results (on Monday).
In the global markets, Asian shares slumped as a cocktail of negative drivers from Saudi Arabia’s diplomatic isolation to fresh worries about trade wars whacked sentiment across the region. South Korean stocks tumbled more than 2% on Tuesday, hitting their lowest in almost 20 months, as intensifying Sino-U.S. trade frictions and various geopolitical tensions soured sentiment across Asia.