Sensex falls 359 points in three days; Nifty closes below 16,600

• Image Credit: Internet

• May 31, 2022 | Dhupali Das

On the stock basis, Kotak Mahindra Bank was the top Nifty loser falling 3.48 per cent to Rs 1,837.

Digital Desk: On Tuesday, Indian market indexes ended a three-day winning streak by closing down, with losses in banking and consumer durables companies countering gains in metals and automobiles. Investors were waiting for the March quarter gross domestic product (GDP) statistics, which were set to be released at 5:30 pm today. 

After a high inflation figure in Germany raised expectations of future interest rate hikes, domestic indexes declined in line with global peers.

The 30-share BSE Sensex fell 359 points, or 0.64 per cent, to 55,566, while the wider NSE Nifty dropped 77 points, or 0.46 per cent, to 16,585.

Mid- and small-cap stocks closed mixed, with the Nifty Midcap 100 falling 0.13 per cent and the small-cap index rising 1.24 per cent.

The National Stock Exchange's 15 sector indices all ended in the red. Nifty Bank and Nifty Consumer Durables outperformed the platform by 0.95 per cent and 0.74 per cent, respectively. 

On the stock basis, Kotak Mahindra Bank was the top Nifty loser falling 3.48 per cent to Rs 1,837. The other underperformers included Sun Pharma, HDFC, Reliance Industries, and Shree Cement.

However, the overall market depth was positive, with 1,761 shares rising and 1,589 declining on BSE. 

Sun Pharma, Kotak Mahindra Bank, HDFC, Titan, Infosys, SBI, Axis Bank, Reliance, HDFC Bank, L&T, IndusInd Bank, and Bajaj Finance were among the worst performers on the 30-share BSE index.

In addition, the Life Insurance Corporation of India (LIC), the country's largest insurer and domestic financial investor, fell 3.05 per cent after reporting a lower March quarter profit in its first results following a shaky market debut earlier this month.

On the other hand, M&M, NTPC, PowerGrid, Tech Mahindra, Tata Steel, ITC, ICICI Bank, Wipro, and Asian Paints all ended in the green.