The four-day bull run in the Indian stock market came to an end in Tuesday’s trade (July 7), as benchmark indices closed marginally lower amid profit booking in select counters. Weakness in the auto and metal sectors overshadowed strong gains in IT stocks.
The weak global backdrop also weighed on market sentiment, even as overseas investors remained net buyers in recent sessions.
The Nifty 50 opened the session on a positive note and climbed to an intraday high of 24,530. However, profit booking dragged the index lower, with it eventually settling 0.25% lower at 24,340. The Sensex also retreated 387 points from its intraday high of 78,272. Both benchmark indices snapped their four-day winning streak.
The broader markets also ended in the red, with the Nifty Smallcap 100 index declining 0.70% and the Nifty Midcap 100 index falling 0.37%.
Among sectoral indices, the Nifty IT index led the gains, rising 2.40%, followed by the Nifty Consumer Durables index, which advanced 0.82%.
On the flip side, the Nifty Realty index declined 1.63%, snapping its five-day winning streak. It was followed by the Nifty Metal, Nifty Chemicals, Nifty Media, and Nifty Pharma indices, all of which ended the session with losses ranging between 0.78% and 1.20%.
(more to come)