MUMBAI: Extending the losses to the fifth consecutive session, the Indian stock market’s benchmark Sensex closed 38 points down in a volatile session on Tuesday. The 30 stock S&P BSE Sensex closed 37.70 points down at 57,107.52 points against its previous day’s close at 57,145.22 points.
The Sensex started the day in the positive at 57,376.52 points and jumped to a high of 57,704.57 points in the early morning session. The markets witnessed selling pressure in the late morning session, slipping below the 57,000 points mark. The index hit a low of 56,950.52 points.
This is the fifth consecutive session of loss in the benchmark index. The Sensex had lost 953.70 points on Monday.
The broader Nifty 50 of the National Stock Exchange closed 8.90 points down at 17,007.40 points against its previous day’s close at 17,016.30 points.
The Nifty started the day in the positive at 17,110.90 points and surged to a high of 17,176.45 points in the intra-day. It slipped to a low of 16,942.35 points in the intra-day. This is the fifth consecutive day of loss in the Nifty. The Nifty had slumped by 311.05 points on Monday.
Tata Steel slumped 2.25 per cent to Rs 97.60. The scrip has fallen sharply after the announcement of the amalgamation plan with the group firms.
The Board of Directors of Tata Steel, at its meeting held on September 22, approved amalgamation of seven business units with Tata Steel — Tata Steel Long Products Ltd, Tinplate Company of India Ltd, Tata Metaliks Ltd, TRF Ltd, The Indian Steel & Wire Products Ltd, Tata Steel Mining Ltd, and S&T Mining Company Ltd.
Amalgamation of seven business units of Tata Group with Tata Steel will help reduce costs and won’t have any material impact on the company’s credit profile, CreditSights, part of rating agency Fitch, said in a report on Tuesday.
Titan slumped 1.79 per cent to Rs 2,606.95 and State Bank of India dipped 1.39 per cent to Rs 536.25. Kotak Bank, Tech Mahindra, ICICI Bank, HDFC, HDFC Bank and Maruti Suzuki were among the major Sensex losers.
Power Grid Corporation jumped 1.81 per cent to Rs 204.90, IndusInd Bank rose 1.32 per cent to Rs 1,164.40 and Dr Reddy’s Laboratories rose 1.29 per cent to Rs 4,185.70. The index heavyweight Reliance Industries Ltd closed 0.75 per cent higher at Rs 2,395.40. Among the major Sensex gainers were HCL Technologies, Nestle India, Asian Paints, Infosys and Wipro. (ANI)