Sensex falls 104 pts on US cues

Markets climbed down from its four-month high on Tuesday, with the BSE Sensex losing 104.12, or 0.37%, closing at 28335.16, while Nifty falling 32.75 points, or 0.37%, ending at 8768.30. 

Investors were anxious concerned about uncertainties over the timing of Federal Reserve rate hike, US policies under President among other global events. A weak closing in Asia reflecting overnight losses in the US owing to all these unknowns triggered selling.

The upmove in the last four sessions mostly was due to market-friendly budgetary proposals and rate-cut expectations from RBI, in its policy meet on February 7.

Tata Motors led the pack of losers falling 3.52%, followed by Coal India 2.88%. Stocks of ONGC, Adani Ports, Lupin, GAIL, Dr Reddy’s, RIL and Axis Bank dragged indices down. On the other hand, Infosys, L&T, Maruti Suzuki, Asian Paints, HDFC and ITC, among others surged. The BSE metal index took the biggest knock, down 1.25%, followed by auto, oil and gas and healthcare.

Broader markets ended in the red with the mid-cap index down 0.18% and small-cap 0.09%. Shanghai Composite closed 0.12% lower while 

Japan’s Nikkei was down 0.35% and Hong Kong shed 0.07%. European shares were trading lower before the European Central Bank meeting.