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BW Businessworld

Sensex Ends Lower Amid Choppy Trade; Sun Pharma, ITC Drag

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After hitting a new three-month closing high late last week, it’s been two days of consolidation in the Indian bourses with benchmarks witnessing a profit taking on Tuesday too. They lost close to a per cent as trading drew to a close on Tuesday (21 July).
 However, since the IT firm Infosys’s results were better than expected, the bias was initially on the positive side. But extra caution that the investors adopted with the beginning of the monsoon session in parliament and depreciation in currency capped upside in index. This resulted in index trading in a narrow range for most of the session and finally the sudden decline in last one and half hour pushed the index in red. Barring IT, all the sectoral indices closed in red and the market breadth was also reflecting the same bias.
“We observed that the fall in index on Tuesday was accompanied by profit taking in Midcap and Smallcap segment,” said Jayant Manglik, President, Retail Distribution at Religare Securities.  “At the same time, banking index was also underperforming and lost close to two percent,” he added.
Sensex closed at 28,182.14, down 237.98 points, while Nifty closed almost flat at 8,529.45. Heavy sell-off was witnessed today in sectors such as pharma, banking, metal and cement. Globally, the European markets were down on the back of decline in the health care stocks, while the US index futures traded trading mixed.

Tags assigned to this article:
sensex nifty shares stocks sun pharma itc huawei and infosys