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Stock Market News: The domestic benchmark equity indices, the Sensex and the Nifty 50, continued their losing streak for the third day in a row on Tuesday as heavy selling pressure was witnessed in the early trade. However, Nifty 50 recovered swiftly from intraday lows, lessening the ugly tone of the decline. On Tuesday, the S&P BSE Sensex ended down 456.10 points, or 0.62%, at 72,943.68, while the NSE Nifty 50 closed down 124.60 points, or 0.56%, lower at 22,147.90.
The India VIX surged by more than 12 levels, closing at 12.62, up 1.18% on Tuesday. Sectoral indices, however, were mixed. While the Nifty IT Index fell 2.58%, the Nifty Media Index saw a rise of 1.57%.
Interestingly, the Nifty SmallCap Index finished higher than expected, up by 0.75% outperforming the benchmark indices. Also Read: Stock market today: Sensex, Nifty fall for 3rd consecutive session; IT stocks among top drags; mid, smallcaps outperform The domestic market continued its consolidation pattern for the third day in a row, according to Vinod Nair, Head of Research at Geojit Financial Services. This was due to concerns about global tensions and a decline in the likelihood of a short-term interest rate cut.
A sharp increase in the dollar index and US bond rates was caused by increased worries that followed better-than-expected US retail sales. The biggest fall was seen in the IT sector, mostly as a result of subdued domestic Q4 results and low US discretionary expenditure estimates affecting earnings, explained Nair. Today, the stock market will remain closed on account of Ram Navmi Celebrations.
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