Mumbai, April 16 (IANS) The Sensex was down 456.10 points, or 0.62 per cent, at 72,943.68 on Tuesday, while the Nifty closed at 22,147.90, down 124.60 points, or 0.56 per cent.
The domestic market sustained its consolidation trend for the third consecutive day amid apprehensions regarding geopolitical tensions and a drop in the probability of a rate cut by the US Fed in the short term, Vinod Nair, Head of Research at Geojit Financial Services, said on Tuesday.
The IT sector stocks saw the most significant decline, primarily due to the expectations of earnings being affected by the weak discretionary spending in the US and muted domestic Q4 results, he said.
Heightened concerns arose following stronger-than-anticipated US retail sales, amplifying the assumption that the US Federal Reserve might delay rate cuts, leading to a notable uptick in the dollar index and US bond yields, he said.
The equity benchmarks extended their decline on Tuesday, influenced by weak global cues amid the ongoing geopolitical tensions, said a report by Asit C. Mehta Investment Intermediates.
While the equities suffered, gold continued to shine as geopolitical tensions persisted.
Jateen Trivedi from LKP Securities said gold traded strongly as the global markets reacted negatively to Israel’s statement regarding Iran’s drone attack retaliation, leading to increased safe-haven buying in gold prices.
Looking ahead, the sentiment remains bullish for gold as long as geopolitical tensions persist and escalate, he said.
–IANS
san/arm
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
