Ahead of Market: 10 things that will decide stock market action on Tuesday
HDFC Bank and ICICI Bank, along with declines in auto stocks. The session saw subdued trading volumes as markets approach year-end.
The benchmark BSE Sensex lost 450.94 points or 0.57% to close at 78,248.13, while the broader Nifty 50 index closed at 23,644.90, lower by 168.50 points or 0.71%.
Here's how analysts read the market pulse:
Commenting on the day’s action, Vinod Nair, Head of Research at Geojit Financial Services said that prevailing subdued sentiment on account of FIIs selling and a strengthening dollar continued to drag the market.
“While IT & pharma gained as investors continued to bet on defensive stocks to prevent short-term volatility. Concerns over high valuation are impacting the broad market. The upcoming policy announcements in the US and domestic Q3 earnings will be keenly watched by investors," Nair added.
US markets
Wall Street's major indexes opened sharply lower on Monday, hitting over a week’s low, as thin trading volumes and high Treasury yields overshadowed the usual year-end rally.
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