MUMBAI: Domestic equity market closed lower on Tuesday as profit-booking after the previous session’s sharp rise kept a lid on risk appetite. However, buying momentum was seen in midcap and smallcap counters during the session.
The Nifty50 index closed 0.1 per cent lower at 18,044.3 points, while the BSE-Sensex ended at 60,433.5 points, down 0.2 per cent.
The benchmark indices ducked the largely positive cues from global markets given that other Asian markets closed mostly in the green and European equities had a bright start. The losses on the benchmark indices were led by shares of financial services, consumer goods and metal companies.
In the broader market, risk appetite among investors was firm as midcap and smallcap stocks continued their outperformance against their largecap peers. After underperforming largecaps for the past three months, analysts suggested that midcap stocks are again taking leadership in the market.
The Nifty Midcap 100 and Nifty Smallcap 100 index closed the day with gains of 1.2 per cent and 0.6 per cent.
Shares of state-owned lenders continued to attract investors after a stellar September quarter earnings season. With asset quality issues abating, analysts believe these banks could mount a challenge to private sector banks on loans market share. The Nifty PSU Bank index closed 0.8 per cent higher.
Shares of automobile stocks also remained in favour as investors hope that the sector’s semiconductor issues will ease in the second half of the current financial year, while it will continue to benefit from robust demand conditions. The Nifty Auto index ended 1 per cent higher.
Overall, the breadth of the market was positive with advancing stocks outnumbered declining ones on the National Stock Exchange.
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