• Sensex has declined 3.8% while Nifty has declined 4% in last eight sessions. Investors have lost around ₹10 lakh crore during this period
The Indian stock market ended in the red for the eighth consecutive day, with the Nifty breaking below the budget low, a key support of 17,353. At the close, the Sensex was down 326.23 points, or 0.55%, at 58,962.12, and the Nifty was down 88.75 points, or 0.51%, at 17,303.95.
In the last eight sessions, the Sensex has declined 3.8% while the Nifty has declined 4%. Investors have lost around ₹10 lakh crore during this period.
The market breadth on Tuesday was also in favor of declines with an advance-decline ratio of 17:33.
“Global investor interest in equity markets is weakening due to slowdown in the economy, led by high inflation and contractionary monetary policy. Flows are being diverted into safe assets, and corporate earnings growth is falling, impacting stock market performance and calling for valuation downgrades. The double whammy for India is that it is costlier than other EMs, resulting in underperformance in global markets," said Vinod Nair, head of research at Geojit Financial Services.
Sectoral indices of Nifty closed mixed with Pharma index, which saw maximum losses down 1.3%. On the other hand, the media index had the highest growth.
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“The market extended losses for one more session and closed with a cut of around half per cent. Initially the tone was positive but selling resumed as the session progressed. As a result, Nifty finally closed at 17303.95. On the sectoral front, most sectors traded under pressure, however selective buying in auto and rebound on the broader front with realty pack kept traders busy," said Ajit Mishra, VP - Technical Research, Religare Broking.
“The market does not see respite despite oversold positions, though the pace of decline has reduced in recent sessions. We expect Nifty to respect 17100-17200 zone, so chances of consolidation are high. In the meantime, focus on stock-specific opportunities based on sectoral trends and leveraged positions."
