Markets end in red as weak global cues weigh

Mumbai: Benchmark indices Sensex and Nifty snapped the two-day rally and closed lower on Tuesday in line with weak global market trends amid concerns over tariff threats by US President-elect Donald Trump.

In a volatile trade, the 30-share Sensex declined 105.79 points or 0.13 per cent to settle at 80,004.06. During the day, it lost 311.18 points or 0.38 per cent to 79,798.67. The broader NSE Nifty declined by 27.40 points or 0.11 per cent to 24,194.50. Adani Ports & SEZ was the biggest loser among Sensex stocks, dropping by 3.23 per cent. UltraTech Cement, Sun Pharma, NTPC, Tata Motors, Mahindra & Mahindra, Larsen & Toubro and Power Grid were among the laggards. On the other hand, Asian Paints, Infosys, JSW Steel, Tata Consultancy Services and Reliance Industries were among the biggest gainers.

Global stock markets declined following concerns over US President-elect Donald Trump’s comment that he plans to impose new tariffs on Mexico, Canada and China as soon as he takes office on January 20. “The domestic market took a pause after the recent strong rally. However, the broader market remained agile. FIIs have turned net buyers, breaking a long streak of selling, with MSCI rebalancing,” Vinod Nair, Head of Research, Geojit Financial Services said. All Adani group stocks ended lower, with Adani Green Energy tumbling 7.05 per cent. Broader markets defied trend with the BSE smallcap gauge climbing 0.62 per cent and midcap index by 0.10 per cent. Among sectoral indices, utilities dropped 1.77 per cent, power declined 1.55 per cent, auto (1.26 per cent), oil & gas (0.93 per cent) and services (0.64 per cent). IT jumped 1.11 per cent, teck (0.89 per cent), telecommunication (0.80 per cent) and metal (0.58 per cent) were the gainers. In Asian markets, Seoul, Tokyo and Shanghai settled lower while Hong Kong ended higher. European markets were trading lower. The US markets ended in the positive territory on Monday.Benchmark equity indices surged on Monday, helped by the BJP pulling off a stunning performance in Maharashtra, winning a record number of seats to propel the party-led ruling Mahayuti alliance to a landslide victory.