Indian equity benchmarks extended their morning losses in afternoon trading on Tuesday, with the Sensex falling 366.18 points or 0.46 per cent to 78,416.06, and the Nifty declining 110.65 points or 0.46 per cent to 23,884.70 at 12.30 PM.

Metal stocks continued to lead gainers, with JSW Steel rising 2.73 per cent and Tata Steel advancing 2.29 per cent. IndusInd Bank gained 1.82 per cent, while Hindalco and Bajaj Auto added 1.61 per cent and 1.58 per cent, respectively.

Financial services stocks faced selling pressure, with HDFC Life emerging as the top loser, dropping 3.46 per cent. Adani Ports declined 3.23 per cent, followed by Trent (-2.97 per cent), Shriram Finance (-2.70 per cent), and Bharat Electronics (-1.81 per cent).

The broader market showed mixed trends, with 1,978 stocks advancing and 1,837 declining on the BSE. 129 stocks remained unchanged. The market breadth remained positive despite the index declines, with 184 stocks hitting 52-week highs, compared to 22 touching 52-week lows.

Mid-cap stocks faced stronger selling pressure compared to the benchmark indices. The Nifty Midcap Select index fell 1.29 per cent to 12,141.30, while the Nifty Next 50 declined 1.18 per cent to 68,601.75.

The banking sector showed relative resilience, with the Nifty Bank index dropping 0.40 per cent to 51,010.20. However, the broader financial services sector witnessed deeper cuts, with the Nifty Financial Services index declining 0.78 per cent to 23,475.70.

Circuit filters were triggered for several stocks, with 322 securities hitting the upper circuit and 177 touching the lower circuit limits.

The market pullback came amid continuing foreign fund outflows and uncertainties surrounding the US presidential election. The morning’s cautious start, which saw the Sensex opening at 78,542.16 and Nifty at 23,916.50, deteriorated as trading progressed, with both indices trading below their opening levels.

Trading volumes remained robust with 3,944 stocks being traded on the BSE during the session. The market continues to trade with heightened volatility ahead of the closing bell.

Published on November 5, 2024