Sensex, Nifty snap 3-day winning streak as investors stay on sidelines

Mumbai: Benchmark BSE Sensex declined by 361 points on Tuesday, snapping its three-day gaining streak due to selling in index major Reliance Industries, HDFC Bank and IT shares amid mixed global trends.

The 30-share BSE Sensex declined by 361.64 points or 0.50 per cent to settle at 72,470.30 with 20 of its components ending in the red and 10 in the green. During the day, it fell by 468.91 points or 0.64 per cent to 72,363.03 points. The broader Nifty of NSE declined 92.05 points or 0.42 per cent to 22,004.70 as 30 of its constituents dropped and 20 advanced.

“Aligned with global trends, the domestic market sustained its consolidation pattern, ending close to 22,000. While key data such as US GDP and inflation during the week may provide some clues on future rate cut paths, the fiscal year-ending truncated week, coupled with reduced trading volumes and monthly expiry, are likely to contribute to volatility. Generally, midcaps are performing well post the consolidation of the last 2-3 weeks, while the IT sector continued to experience sluggishness following weak global IT spending forecasts,” said Vinod Nair, head (research), Geojit Financial Services.