Sensex falls 268 points from day’s high, ends marginally lower; PSU banks, auto stocks drag

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Sensex fell by 268 points after reaching a record high of 53,129 points dragged by sell off in auto stocks like TATA motors which issued a profit warning over chip shortage for the Jaguar Land Rover, plunging its shares by 8.5%.

Nifty 50 declined 0.10% or 16.10 points to 15,818, while Sensex settled 0.04% or 18.82 points lower at 52,861.

In the broader market the BSE Midcap index settled at 0.19% per cent higher at 22,585.08 points while the BSE small cap index closed 0.26% lower at 25,765.73 points as profit booking was seen across the board.

“Indices gave up gains in afternoon trade as investors encashed on the outperformance of small & mid cap stocks since last few months as both these indices are trading at highs in absolute terms. Cement stocks quite clearly bucked the trend today and stocks in both large cap & mid cap segments posted handsome gains,” said S Ranganathan, Head of Research at LKP Securities.

Gainers & losers

Sectoral strand

Sectoral indices closed mixed as Nifty Bank advanced 1.04% whereas Nifty Auto index declined 1.74% followed by Nifty IT index losing 1.04%. Whereas Nifty Pharma index slipped 0.84%, Nifty FMCG index lost 0.42% while Nifty Realty and Nifty Metal indices were down 0.34% & 0.33% respectively.

Global markets

European shares fell across the board while most Asian stocks advanced on Tuesday, 6 July 2021. US markets were shut on Monday in observance of Independence Day.

Meanwhile, OPEC+ ministers called off oil output talks on Monday after a clash last week, which saw the United Arab Emirates rejected a proposed eight-month extension to output curbs, which meant there would be no deals to boost production as of now.