By Hritam Mukherjee and Bharath Rajeswaran
BENGALURU (Reuters) -Indian shares fell on Tuesday, dragged by high-weightage financials and data know-how shares and as consolidation continued within the holiday-truncated final week of the monetary yr.
The Nifty 50 index misplaced 0.42% to 22,004.70 however ended above 22,000 for the fourteenth session out of 17 this month. The BSE Sensex shed 0.50% to shut at 72,470.30. The markets had been shut on Monday and will likely be closed on Friday for a public holidays.
“We’re seeing some uncertainty. With the monetary yr 2024 ending this week and forward of elections, Indian markets are barely jittery,” mentioned Abhishek Goenka, founder and chief government of IFA International.
“We anticipate Indian markets to maneuver sideways until elections. If the ruling Bharatiya Janata Get together wins the elections, as anticipated, we may even see an additional rally in equities.”
The nation goes to polls in seven phases, ranging from April 19.
Eight of the 13 main sectors logged losses, with financials, banks IT dropping between 0.35% and 0.7%.
Index heavyweights Reliance and HDFC Financial institution misplaced about 1% every, respectively.
Small- and mid-caps rose 0.41% and 1.05%, respectively, however are nonetheless down 5.37% and 1.09% in March, whereas the Nifty has gained 0.1%.
“Pockets in broader markets which have gone up on no fundamentals, with no rhyme or cause, will get normalised, relying on March quarter outcomes,” mentioned Raghvendra Nath, managing director of LadderUp Wealth Administration.
Adani Ports gained about 2% on plans to purchase a 95% stake in a port for an fairness worth of 13.49 billion rupees. It was the third-biggest gainer on the Nifty.
Among the many high three losers had been Energy Grid, which fell 2.1%, and Eicher Motors, which shed about 2%, to snap a three-session and four-session successful streak, respectively.
Maruti Suzuki dropped 0.71%, easing off record-high ranges, after recalling greater than 16,000 automobiles attributable to a defect of their gas pump motors.
(Reporting by Hritam Mukherjee and Bharath Rajeswaran in Bengaluru; Modifying by Janane Venkatraman and Savio D’Souza)
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