Sensex sheds 220 points amid profit booking; midcap, smallcap stocks hit

Indian fairness benchmarks closed within the crimson on Tuesday as buyers took to profit reserving earlier than the Lok Sabha election outcomes to be introduced subsequent week. The Sensex was down 220 points or 0.29 per cent at 75,170, whereas the Nifty shed 44 points or 0.19 per cent to shut at 22,888 on Tuesday. The midcap and smallcap stocks had been the worst hit, because the Nifty midcap 100 index closed at 52,294, down 466 points or 0.89 per cent, whereas the Nifty smallcap 100 index was down 144 points or 0.85 per cent, at 16,875.

The India volatility index (VIX) was down 4.31 per cent at 24.19. Sector-wise, auto, IT, PSU financial institution, metallic, realty, and power stocks had been the key losers, whereas pharma and media shares had been the key gainers. Nineteen out of the 30 Sensex stocks closed within the crimson on Tuesday.

Power Grid, Tech Mahindra, NTPC, Bharti Airtel, Tata Motors, and Reliance had been the highest losers, whereas Asian Paints, Wipro, HUL, JSW Steel, Bajaj Finserv, and M&M had been the highest gainers on Tuesday. Vaibhav Vidwani, Research Analyst at Bonanza Portfolio Ltd, stated that buyers are choosing a cautious method earlier than the exit polls on Saturday, which may give an concept of the doable election outcomes. “Expectations of a price range in July, which can assist the order books of defence, infra, railway, and sectors which can profit from the price range, have already given motion in close to phrases,” he added.