Sensex-Nifty reverse gains, close lower amid sectoral fluctuations

Mumbai (Maharashtra) [India], April 30 (ANI): Stock indices closed in negative territory on Tuesday, reflecting a mixed day for investors, after a promising start to today's trading session. Despite initial gains, both the Sensex and Nifty faced downward pressure by the closing bell. The day saw a fluctuating market, with several key sectors experiencing losses while others managed to hold steady.

The Sensex, India's benchmark index, closed at 74,482.78, marking a decline of 188.50 points or 0.25 per cent after reaching an intraday and all-time high of 75,111.39.

Similarly, the Nifty 50 concluded at 22,604.85, down by 38.55 points or 0.17 per cent from its 52-week high of 22,783.35.

Among the Nifty companies, 24 witnessed advances while 25 declined. Notable gainers included MM, Power Grid, Shriram Finance, Hero Motocorp, and Bajaj Auto, whereas Tech Mahindra, Tata Steel, Dr. Reddy, Sun Pharma, and HCL Technologies were among the top losers.

While the benchmark indices displayed a downward trend, the broader market indices showed resilience, with the BSE MidCap index rising by 0.48 per cent and the BSE SmallCap index up by 0.16 per cent.

However, over half of the sectoral indices recorded losses, notably the IT, Media, and Metal indices, declining by 1.22 per cent, 1.15 per cent, and 1.04 per cent, respectively.

The Bank index experienced a decrease of 0.13 per cent, accompanied by declines in the Pharma, Healthcare, and OilGas indices by 0.67 per cent, 0.58 per cent, and 0.59 per cent, respectively.

Conversely, the Auto index emerged as the top gainer, advancing by 1.78 per cent, followed by the Realty index, which rose by 1.41 per cent.

Varun Aggarwal, founder and managing director, Profit Idea, said, "Global markets exhibited mixed movements, with Europe's Stoxx 600 posting marginal fluctuations and Asian markets witnessing varied performances. Samsung Electronics Co. experienced a surge in its stock price following a return to profitability in its semiconductor business."He added, "Traders maintained a cautious stance amid a flurry of corporate news and earnings reports ahead of the Federal Reserve's policy decision. Concerns surrounding inflation and the strength of the US economy loomed large."Key indicators such as the Bloomberg Dollar Spot Index and 10-year Treasury yields remained relatively stable, while SP 500 futures showed minimal change.

Discussions surrounding a possible cease-fire in the West Asia impacted oil prices, while gold remained poised for a third consecutive monthly gain ahead of the Fed meeting. (ANI)