BSE Sensex ends in red for fifth straight day; Nifty ends at 16,942.35 points

Mumbai: Extending the losses to the fifth consecutive session, the Indian stock market`s benchmark Sensex closed 38 points down in a volatile session on Tuesday. The 30 stock S&P BSE Sensex closed 37.70 points or 0.07 per cent down at 57,107.52 points against its previous day`s close at 57,145.22 points. The Sensex started the day in the positive at 57,376.52 points and jumped to a high of 57,704.57 points in the early morning session.

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The markets witnessed selling pressure in the late morning session slipping below the 57,000 points mark. The index hit a low of 56,950.52 points. This is the fifth consecutive session of loss in the benchmark index.

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The Sensex had lost 953.70 points or 1.64 per cent on Monday. The broader Nifty 50 of the National Stock Exchange closed 8.90 points or 0.05 per cent down at 17,007.40 points against its previous day`s close at 17,016.30 points.

The Nifty started the day in the positive at 17,110.90 points and surged to a high of 17,176.45 points in the intra-day. The Nifty slipped to a low of 16,942.35 points in the intra-day.

This is the fifth consecutive day of loss in the Nifty. The Nifty had slumped by 311.05 points or 1.8 per cent on Monday.Tata Steel slumped 2.25 per cent to Rs 97.60. The scrip has fallen sharply after the announcement of the amalgamation plan with the group firms.

The Board of Directors of Tata Steel at its meeting held on September 22, 2022 approved amalgamation of seven business units. The units that will be merged with Tata Steel include Tata Steel Long Products Limited, Tinplate Company of India Limited, Tata Metaliks Limited, TRF Limited, The Indian Steel & Wire Products Limited, Tata Steel Mining Limited, and S & T Mining Company Limited.

Amalgamation of seven business units of Tata Group with Tata Steel will help reduce costs and won`t have any material impact on the company`s credit profile, CreditSights, part of rating agency Fitch, said in a report on Tuesday.Titan slumped 1.79 per cent to Rs 2606.95. State Bank of India dipped 1.39 per cent to Rs 536.25.

Kotak Bank, Tech Mahindra, ICICI Bank, HDFC, HDFC Bank and Maruti Suzuki were among the major Sensex losers.

Power Grid Corporation jumped 1.81 per cent to Rs 204.90. IndusInd Bank rose 1.32 per cent to Rs 1164.40. Dr Reddy`s Laboratories rose 1.29 per cent to Rs 4185.70.The index heavyweight Reliance Industries Limited closed 0.75 per cent higher at Rs 2395.40. HCL Technologies, Nestle India, Asian Paints, Infosys and Wipro were among the major Sensex gainers.