The equity market commenced trading on Tuesday with a subdued start, as the Sensex experienced a decline of nearly 80 points, mirroring the subdued performance of Asian stocks and diminishing hopes for prompt interest rate reductions worldwide.
Following a five-session winning streak, the 30-share Sensex retreated by 0.11 percent, equivalent to 79.66 points, settling at 72,628.50 points. Notably, 16 constituents of the index traded in the negative territory, with Mahindra & Mahindra witnessing a decline of over 1 percent.
The broader Nifty index was also trading lower, registering a decrease of 0.15 percent or 34.15 points, and standing at 22,088.10 points. A total of 28 stocks within the Nifty pack were observed to be trading in the negative zone.
Asian shares were pinned below 1-1/2 month highs on Tuesday as even a larger-than-expected interest rate cut in China failed to excite investors jaded at the lack of bigger stimulus measures. Nifty ended higher for the fifth straight session, after hitting an all-time high on the intraday charts, Deepak Jasani, Head of Retail Research at HDFC Securities, said.
Continuing its upward trajectory for the fifth consecutive trading session, the Nifty reached a historic milestone on Monday, closing at an all-time high of 22,122.25 points. This marked an increase of 81.55 points or 0.37 percent. Similarly, the Sensex surged by 281.52 points or 0.39 percent, concluding the day at 72,708.16 points. Amidst global trends where shares encountered challenges following the waning expectations of early interest rate cuts and the closure of US markets, Indian indices managed to maintain their upward momentum.