With global crude prices softening and the govt taking steps to curb inflation, the Indian growth story still has some steam left in it.
Sentiments took a hit after broader Asian markets weakened, following a renewed sell-off on Wall Street on Tuesday as energy shares dropped after crude oil prices plunged to a 13-month low amid weak earnings and US-China trade disputes, fuelling worries about economic growth
The 50-share NSE Nifty too closed down 168.30 points, or 1.58 per cent, at 10,498.25 -- a level last seen on January 3 when it closed at 10,443.20.
Nifty ends above 8,600; Tata Motors, RIL top leaders
The S&P BSE Midcap and the S&P Smallcap indices rallied over 1% each
The laggards in the Sensex kitty were Vedanta, Tata Steel, M&M, HCL Tech, Bharti Airtel, Maruti Suzuki, L&T, Asian Paint and HDFC
Traders said falling crude prices in the global market was a big boost for the economy as it lightens the country's import bill burden, eases inflation and current account deficit concerns.
The broader NSE Nifty, after shuttling between 10,651.60 and 10.532.70 points on alternate bouts of buying and selling, closed 6.20 points, or 0.06 per cent, down at 10,576.30.
This is its biggest single session fall since August 24, 2015, when it had lost 1,624.51 points.
The broader NSE Nifty slipped below the 10,500-mark by falling 103 points, or 0.97 per cent, at 10,482.20. It touched a high of 10,645.50 and a low of 10,464.05 during the day.
The session was marked by volatility and stock-specific action, even as the overall sentiment remains risk-averse, brokers said.
In the broader market, the S&P BSE Midcap ended 0.1% down, while the S&P BSE Smallcap index gained 0.3%.
Pharma was the top losing index amid worries about their earnings outlook with Lupin down over 4%
The market breadth, indicating the overall health of the market, was positive
Both the indices ended at their highest levels since February 1.
The NSE Nifty after shuttling between 10,441.90 and 10,341.90, ended 6.15 points, or 0.06 per cent down at 10,380.45.
A reading above 50 indicates expansion, while a score below this mark means contraction
The broader NSE Nifty moved between 10,705 and 10,785.55, before ending 25.15 points, or 0.23 per cent down at 10,716.55.
BSE Sensex on Monday closed nearly 34 points higher at 26,350.17 with gains in realty, power, FMCG and oil & gas stocks amid sustained buying by domestic institutional investors.
On the BSE, 1,650 shares declined and 1,188 shares rose
The 30-share barometer remained up throughout and hit a high of 29,070.20, powered by a rally in RIL and other blue-chips. The index ended 215.74 points up, or 0.75 per cent, at 29,048.19 -- its highest closing since March 5, 2015, when it had closed at 29,448.95.
Sentiment continued to be weighed down by the government's move last week to withdraw high-value currency notes and disappointing quarterly earnings by some more blue-chip companies, brokers said.
The S&P BSE Midcap and the S&P BSE Smallcap indices slipped in red to shed over 1% each
Major gainers which contributed to the Nifty were ICICI Bank, State Bank of India, Reliance Industries, ONGC, Tata Consultancy Services, Infosys, Bajaj Auto, Tata Power and Larsen and Toubro.
Sentiment was hurt after market regulator Sebi directed bourses to initiate action against 331 suspected shell companies.
Broader market underperformed with the BSE Midcap and the BSE Smallcap indices losing up to 0.2%
Investors booked profits in recent gainers
Maruti Suzuki was the biggest gainer among Sensex scrips, rising 5.89 per cent, followed by M&M up 5.29 per cent.
Persistent capital inflows by domestic institutional investors and retail investors kept the markets in fine nick
Side indices raced ahead with BSE Midcap and BSE Smallcap advancing 0.4% and 0.3% up, respectively.
BSE Mid-cap index ended lower by over 2.5% and BSE Small-cap index tumbled over 3%.
The broader NSE Nifty, after cracking below the key 10,300-mark, touched a low of 10,211.25, before finally ending 134.75 points, or 1.30 per cent, down at 10,226.55.
On the BSE, 1,493 shares declined and 1,236 shares rose. A total of 177 shares were unchanged
NTPC, Sun Pharma Coal India and Asian Paints were among top losers on BSE Sensex
Equity benchmarks erased early gains after realty, capital goods, teck, auto, PSU, IT, power and bankex counters came under selling pressure, falling up to 1.28 per cent.
Buying activity was so strong that all the sectoral indices except IT and technology ended in the green, rising by up to 3 per cent
Investors took comfort from Finance Minister Arun Jaitley's statement, who underlined the need to have globally compatible tax rates to broad-base the economy
There were more than three losers against every gainer on BSE
On BSE, 1,469 shares fell and 1,200 shares rose. A total of 190 shares were unchanged.
The 30-share Sensex ended down 159 points at 27,425 and the 50-share Nifty closed down 24 points at 8,299.
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