Stock market closes on negative note as Sensex ends winning streak
Mar 05, 2024
Mumbai (Maharashtra) [India], March 5 : The stock market concluded on a negative note on Tuesday, snapping a four-day winning streak, as equity markets grappled with weakness driven by tepid global sentiment and profit booking in IT shares.
The BSE Sensex dropped by 195.16 points, closing at 73,677.13, while the Nifty shed 49.30 points to close at 22,356.30. Among the Nifty companies, 21 witnessed advances, while 29 declined.
At the closing bell, Tata Motors, Bharti Airtel, Bajaj Auto, SBI, and ONGC emerged as the top gainers, while Bajaj Finserv, Bajaj Finance, Nestle India, Infosys, and TCS were among the top losers.
The Sensex witnessed a decline of 0.26 per cent, while the Nifty50 dipped by 0.22 per cent. Notably, Bajaj Finance and Bajaj Finserv were the top laggards on the 30-share benchmark, each witnessing a 4 per cent decline.
Conversely, Tata Motors advanced by 3.58 per cent, Bharti Airtel added 3 per cent, and SBI rose by 1.6 per cent.
In the broader markets, the BSE MidCap and SmallCap indices ended 0.17 per cent and 0.63 per cent weaker, respectively.
Sectorally, the Nifty IT index slipped by 1.6 per cent, the Nifty Media by 1.4 per cent, and the Nifty FMCG by 1 per cent. However, the Nifty Auto rallied by 1.3 per cent.
Varun Aggarwal, founder and managing director, Profit Idea, said, "The negative sentiment in Indian equities mirrored trends in Asian markets, with Hong Kong experiencing sharp declines amid China's parliamentary session commencing without significant stimulus plans. Futures pricing indicated a negative opening for US stock markets following Wall Street's retreat on Monday. In Europe, shares moved lower, reflecting investor caution ahead of key economic data releases".
On the commodities front, gold prices steadied near a three-month peak, supported by subdued US manufacturing and construction spending data.
Meanwhile, crude oil prices continued to decrease due to demand headwinds, despite OPEC's decision to extend voluntary output cuts. Brent futures stood at USD 82.70 a barrel, while US West Texas Intermediate (WTI) settled at USD 78.57 a barrel.
The day's trading session highlighted the volatility and cautious sentiment prevailing in the global financial markets, as investors closely monitored economic indicators and geopolitical developments for further cues.
