Markets wipe out early gains on fag-end sell-off; Nifty slips from record

• Equity benchmark indices Sensex and Nifty ended lower on Tuesday.
• IT and power stocks played spoilsport amid a mixed trend in global markets.
• The 30-share BSE Sensex declined 188.50 points or 0.25% to settle at 74,482.78.

Equity benchmark indices Sensex and Nifty ended lower on Tuesday as a fag-end sell-off wiped out early gains, with IT and power stocks playing spoilsport amid a mixed trend in global markets. Snapping its two-day winning run, the 30-share BSE Sensex declined 188.50 points or 0.25 per cent to settle at 74,482.78. During the day, it had jumped 440.11 points or 0.58 per cent to 75,111.39.

The NSE Nifty dipped 38.55 points or 0.17 per cent to finish at 22,604.85. In the late afternoon trade, the benchmark hit its all-time peak of 22,783.35, up 139.95 points or 0.61 per cent.

From the Sensex basket, Tech Mahindra, Tata Steel, JSW Steel, HCL Technologies, Tata Consultancy Services, Larsen & Toubro and Kotak Mahindra Bank were the biggest laggards.

“Domestic benchmark indices opened higher on Tuesday, driven by positive global cues. Due to strong buying interest, the Nifty registered a fresh all-time high of 22,783.35. But following that, there was a significant amount of profit booking, and the index ended the day lower at 22,605. Moreover, the Volatility Index, India VIX, surged by 5.19% ahead of the US Federal meeting on interest rates. From a technical standpoint, the index on a daily scale has formed a bearish candle near the previous high," said Neeraj Sharma, AVP Technical and Derivatives Research, Asit C. Mehta Investment Interrmediates.

Mahindra & Mahindra, Power Grid, Bajaj Finance, IndusInd Bank and Maruti were the major gainers.

In Asian markets, Seoul, Tokyo and Hong Kong settled in the positive territory while Shanghai ended lower.

European markets were mostly trading lower. Wall Street ended with gains on Monday.

Global oil benchmark Brent crude climbed 0.21 per cent to USD 88.59 a barrel.

"Global markets remained mixed ahead of the US FED policy meeting, as markets appear to have already factored in the slim chance of a near-term rate cut. Profit booking ensued towards a close given the sharp rally in the last couple of days and a holiday-led truncated week," said Vinod Nair, Head of Research, Geojit Financial Services.

Foreign Institutional Investors (FIIs) turned buyers on Monday after continuous offloading. They bought equities worth Rs 169.09 crore, according to exchange data.

In the previous session, the BSE benchmark jumped 941.12 points or 1.28 per cent to settle at 74,671.28 on Monday. The NSE Nifty went up by 223.45 points or 1 per cent to 22,643.40.

Domestic equity markets will remain closed on Wednesday on account of Maharashtra Day.

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