Benchmark equity indices Sensex and Nifty closed lower on Tuesday in highly volatile trade, extending their losing streak to the third consecutive day as investors opted for profit-taking amidst uncertainty ahead of the Lok Sabha poll results.
The 30-share BSE Sensex ended 220.05 points, or 0.29%, lower at 75,170.45 after fluctuating between gains and losses throughout the day.
It reached a high of 75,585.40 and a low of 75,083.22 during the session.
The NSE Nifty dropped 44.30 points, or 0.19%, to settle at 22,888.15 despite opening positively.
Among the Sensex companies, Power Grid, NTPC, Tech Mahindra, Bharti Airtel, Tata Motors, IndusInd Bank, Reliance Industries, Kotak Mahindra Bank, and Maruti were among the decliners.
On the other hand, Asian Paints, Wipro, JSW Steel, Hindustan Unilever, Bajaj Finserv, and Mahindra & Mahindra were the top gainers.
On Monday, Sensex and Nifty had reached record highs, driven by gains in selected auto, banking, and IT shares. However, profit-booking towards the end of the trading session reversed the trend.
Analysts noted that mid- and small-caps underperformed, while defensive sectors such as pharma and FMCG remained optimistic.
Meanwhile, Asian markets, including Seoul, Tokyo, Shanghai, and Hong Kong, closed lower, while European markets showed mixed trends.
US markets remained closed on Monday due to the Memorial Day holiday.
Brent crude, the global oil benchmark, rose by 0.13% to reach USD 83.21 per barrel.
According to exchange data, foreign institutional investors (FIIs) sold equities worth Rs 541.22 crore on Monday.
In other news, the IMD predicted above-normal rainfall for India's core monsoon zone, covering most rain-fed agricultural areas in the country, for the upcoming season.
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