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Sensex, Nifty erase early gains to end lower, bank stocks depress equity indices

The BSE Sensex fell about 100 points on Tuesday, as investors adopted a cautious approach ahead of the release of key macroeconomic data.

business Updated: Feb 27, 2018 16:01 IST
Press Trust of India, Mumbai
Sensex,BSE,NSE Nifty
The benchmark BSE Sensex gained over 132 points to 34,578.39 in early trade on Tuesday.(Dhiraj Singh/Bloomberg)

The benchmark BSE Sensex fell 99.36 points or -0.29% to close lower at 34,346.39 on Tuesday, erasing its early gains as investors adopted a cautious approach ahead of the release of key macroeconomic data. Banking, PSU, realty and financial counters came under selling pressure.

Buying was witnessed in telecom, oil & gas, energy and FMCG counters.

The government is scheduled to release the December quarter GDP growth numbers as well as IIP data on Wednesday.

The broader NSE Nifty 50 was at 10,554.30 at close, 28.30 points or 0.27% lower.

Top gainers on the BSE Sensex included Bharti Airtel, Dr Reddy’s,Hero Motocorp, NTPC and Reliance, with gains of as much as 2.07%. Losses on the other hand were led by bank stocks, with Axis Bank, SBI, ICICI Bank, HDFC, and Kotak Bank losing up to 2.68%.

The Nifty PSU Bank index was down 3.49% to close at 3,057.30,110.50 points lower.

On a net basis, DIIs bought shares worth Rs 1,409.45 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 1,119.51 crore on Monday, provisional data released by stock exchanges showed.

Overseas, Asian shares were trading higher following gains on Wall Street overnight ahead of Fed chair Jerome Powell’s first congressional testimony later in the day.

The US Dow Jones Industrial Average ended 1.58% higher yesterday on fall in US bond yields.

First Published: Feb 27, 2018 10:24 IST