Stock markets closed on a lower note on Tuesday, amid heavy selling in auto, consumer durables and FMCG sectors. The S&P BSE Sensex declined 174.91 points or 0.51 per cent to end at 34,299.47.
The Nifty50 index of the NSE slipped 47 points or 0.45 per cent to settle at 10,301.05. Investors refrained from making big bets ahead of corporate results due next week, according to analysts. Carmaker Tata Motors was the top laggard on both benchmark indices, finishing the day 13 per cent lower.
Market sentiments were dampened on unabated foreign fund outflows and the International Monetary Fund (IMF) downgrading outlook for world economy to 3.7 growth on Tuesday.
Fourteen out of 30 Sensex stocks finished the session in the red on Tuesday. Prominent losers in the 30-share Sensex pack were Tata Motors (-13.40%), Asian Paints (-3.95%), Maruti (-3.07%), Hindustan Unilever (-2.73%), Bharti Airtel (-2.29%) and ONGC (-1.94%).
Tata Motors (-13.09%), Titan (-7.93%), Hindustan Petroleum (-4.32%), Eicher Motors (-4.22%) and Asian Paints (-3.56%) were the main laggards on Nifty pack.
The rupee on Tuesday reversed all of its gains against the US dollar to hit a lifetime low of 74.27 in afternoon trade.
Tata Motors Ltd was the top drag on the both the indices, with shares closing at a loss of 13 per cent, after unit Jaguar Land Rover (JLR) reported a fall in sales for September.
Shares of oil marketing companies such as HPCL, BPCL and IOC were down up to 4.20 per cent as global crude oil prices again rose on reports of decline in crude export from Iran.
Brent- the international benchmark for crude oil- was trading above the $84 per barrel mark on Tuesday. Brent rose to a four-year high of $86.74 last week.
Meanwhile, companies are slated to start reporting corporate results later this week, with top software services exporter Tata Consultancy Services (TCS) reporting results for the quarter ended September on October 11.
(Agencies)
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