RTTNews - The Indian market closed with a modest loss on Tuesday, as weak global cues led to some profit taking after recent gains. While the major Asian markets gave away most of their intra-day gains, European stocks fell in early trading due to mixed corporate earnings and lower U.S. index futures pointed towards a negative opening on Wall Street Tuesday morning.
Back home, the BSE Sensex moved in a range of 16,002-15,699 before finishing off the day's low at 15,831, down 93 points or 0.59% from its previous close. The S&P CNX Nifty fell 31 points or 0.66% to 4,680 and the BSE mid-cap index eased 0.24%, but the BSE small-cap index ended up 0.32%.
On the BSE, gainers outnumbered losers by 1482 to 1237.Sector-wise, healthcare, power, realty and IT stocks bore the brunt of the selling pressure, but select consumer durable, auto, FMCG and oil/gas stocks ended in positive territory.
Among the top losers, Tata Power tumbled 4.42%, ONGC fell 2.98%, Reliance Infrastructure eased 2.78%, Bharti Airtel declined 2.57%, Reliance Communication moved down 2.55%, Jaiprakash Associates shed 2.33% and DLF lost 1.80%.
Wipro, Tata Steel, HDFC Bank, Infosys, Sun Pharma, ICICI Bank, HDFC and ITC were the other prominent decliners.
On the other hand, Hindalco Industries rallied 4.39%, Hindustan Unilever advanced 3.30%, Tata Motors rose 2.72%, Reliance Industries gained 1.30%, Maruti Suzuki added 1.19%, Mahindra & Mahindra edged up 1.14% and ACC rose 1.04%.
State Bank of India, Sterlite Industries, TCS and Larsen & Toubro also ended in positive territory.
Oil explorer Cairn India gave off nearly 2% and ONGC fell 3% after crude oil price fell from a seven-week high in Asian trading on Tuesday on speculation that recent sharp gains were overdone. IRB Infrastructure Developers rose 3.62% after it bagged a contract to construct a greenfield airport in Sindhudurg district, Maharashtra.
The business process outsourcing subsidiary of Infosys has secured a 5-year contract from T-Mobile U.K, reports suggest. However, the stock ended down 1.55%. NTPC slipped 0.25% on reports that it is looking to acquire coal mines abroad to meet its growing requirements.
Sun TV Network fell 2.52% after Malaysia's Astro Group raised its holding in Sun FM, the radio broadcasting arm of the company, to 20%. NALCO advanced 2.44% after C.R.Pradhan was appointed as the full-time chairman of the company.
Bharti Airtel has reportedly entered into an agreement with the Bhutan government to extend fibre connectivity to the Himalayan Kingdom. However, the stock closed down 2.57% on speculation that it is likely to sweeten the offer for a cross border deal further to get MTN shareholders on its side
State-owned Bank of India ended down 0.57% after its slashed deposit rates across certain maturities by up to 50 basis points. Maruti Suzuki India added 1.19% on saying that it is likely to export more than one-lakh units in the current fiscal year.
HCL Infosystems rose 2.23% after it bagged an order worth over Rs.40 crore from State Bank of India and its associated banks to deploy, maintain and service their ATMs. JSW Steel fell 2.23% despite announcing a 51% rise in crude steel production for July compared to the year-ago month.
Sical Logistics rallied nearly 5% after it formed a joint venture with Japan's Mitsui O.S.K. Lines for an automotive management yard at Ennore port in South India. Eicher Motors rose 3.77% after VE Commercial Vehicles, its joint venture firm with Sweden's Volvo, reported a 5% rise in sales for the first time in over a year in July.
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