Selling pressure was witnessed across sectors, except information technology and consumer durables
As the benchmark indices ended in red for the second consecutive day in the week, over 170 stocks on BSE and NSE, including IDBI Bank, DB Realty, McLeod Russel and McNally Bharat, hit their 52-week lows on Tuesday.
Around 179 stocks, including DB Realty, McLeod Russel, McNally Bharat, Eveready Industries, Mercator, Ashapura Intimates, Jyothy Labs, Reliance Home Finance, IDBI Bank, Kirloskar Oil and Future Retail touched 52-week lows on BSE, whereas 104 stocks hit new 52-week lows on the NSE, including Alkem Lab, Cox & Kings, Cyient, IL&FS Transportation Networks, Jain Irrigation Systems, Mahanagar Telephone Nigam among others.
Benchmark indices ended in red for the straight fifth session, with the S&P BSE Sensex ending 323.71 points, or 0.84%, lower at 38276.63 and NSE Nifty 50 closing 100.35 points, or 0.87%, lower at 11497.9.
Selling pressure was witnessed across sectors, except information technology and consumer durables.
According to an analyst, the market remained range-bound after President Trump threatened to increase tariffs on Chinese goods to 25% from 10% by the end of the week. The sentiments around the general election outcome are also keeping the market volatile. Some of the small-caps witnessed 52-week low on Tuesday as a result of overall drag in market sentiments. Besides, these stocks are likely to see more bearish movement, going ahead.
Mustafa Nadeem, CEO, Epic Research said bears took aggressive control over the market. It was a fifth consecutive day for Nifty to close in the in red and Tuesday was the biggest loss it posted in the past three months. Secondly, Nifty has closed below 11,500 marks which it was sustaining since March last week. This tells a lot about the shift in the undertone of sentiments, he said.
"The heightened VIX and dent in global sentiments are further aiding this bearishness. Traders should remain vigilant has volatility is expected to rise further," he said.
Manish Yadav, head of research, CapitalAim, said choppiness in the market would increase as traders are cautious of general elections and exit poll outcomes.
Tata Motors, ICICI Bank, Bharti Airtel, Reliance Industries, and Vedanta dragged the indices down. Only seven of the Sensex-30 stocks ended with gains, with Hindustan Unilever, L&T, PowerGrid Corporation, Infosys, ONGC, Bajaj Auto gaining between 0.2% and 1.37%. Major losers were Tata Motors, ICICI Bank, Bharti Airtel, Reliance Industries, Vedanta and Asian Paints, losing between 1.93% and 4.6%.
Of the 11-sectoral gauges on Nifty, Nifty Media (-2.74%) and Nifty PSU banks (-2.2%) witnessed heavy profit booking.
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According to an analyst, the market remained range-bound after President Trump threatened to increase tariffs on Chinese goods to 25% from 10% by the end of the week. The sentiments around the general election outcome are also keeping the market volatile. Some of the small-caps witnessed 52-week low on Tuesday as a result of overall drag in market sentiments. Besides, these stocks are likely to see more bearish movement, going ahead.
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