Sensex, Nifty lose on mild Q3 earnings

Mumbai: Market benchmark Sensex furthered losses for the second straight session on Tuesday as investors fretted over subdued corporate results and IMF revising downwards India's growth forecast.

At the closing bell, the 30-share Sensex was down 205.10 points, or 0.49 per cent, at 41,323.81; while the NSE Nifty settled 54.70 points, or 0.45 per cent, lower at 12,169.85 -- the third loss for the gauge in a row.

Indian bourses also remained under pressure tracking weaker global markets after the outbreak of a new deadly virus in China spooked investors. On the Sensex chart, Tata Steel was the top loser, shedding 3.01 per cent, followed by M&M, Maruti, Asian Paints, PowerGrid, ITC and Axis Bank. On the other hand, Ultratech Cement, Kotak Bank, Bharti Airtel, HDFC, IndusInd Bank and ONGC ended with gains. Sectorally, BSE power, realty, metal, auto, utilities, FMCG, bankex and finance indices ended up to 1.47 per cent. While telecom, teck and energy indices settled in the green.

In the broader market, BSE midcap fell 0.21 per cent, while smallcap closed flat. Besides rising concerns overgrowth in India, global investors turned risk-averse after confirmation of a deadly SARS-like virus in China.

"Investors are profit booking in mid and small caps post the decent pre-budget rally. Some subdued results in Q3 compared to the solid expectation has triggered a consolidation in the market. We believe this is a rational reaction of the market which will hold in the short-term and can reverse as per the final outcome of Budget & Q3FY20 results," Vinod Nair, Head of Research, Geojit Financial Services Ltd, said.