Market Wrap: Sensex falls 153 points, Nifty below 25,100 as inflation spooks investors; RIL, IT stocks weigh
Sensex and Nifty50, gave up early gains and ended in the red on Tuesday, dragged down by index heavyweights Reliance Industries, financial, and IT stocks. A drop in metals and automakers also helped the downturn. The chances of a delayed domestic rate cut after a hotter-than-expected September inflation print dampened investor sentiments.
The BSE Sensex fell 153 points, or 0.19%, to close at 81,820, while the NSE Nifty dropped 70 points, or 0.28%, to end at 25,057.
Data released late on Monday showed that rising food prices in September pushed India's retail inflation to a nine-month high, which analysts noted could delay domestic rate cuts to early next year, rather than December.
Bajaj Finance, Reliance Industries, Tata Steel, JSW Steel, Tech Mahindra, and Tata Motors were the top Sensex laggards, falling between 1% and 2.5%. In contrast, ICICI Bank, Bharti Airtel, Asian Paints, Adani Ports, and UltraTech Cement ended the session higher.
On the sectoral front, the Nifty Auto index dropped 0.8%, as concerns over delayed rate cuts dampened sentiment in a sector reliant on customers securing bank loans.
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