AGL 8.30 Decreased By ▼ -0.03 (-0.36%)
ANL 10.95 Increased By ▲ 0.25 (2.34%)
AVN 79.70 Increased By ▲ 1.51 (1.93%)
BOP 5.75 Increased By ▲ 0.18 (3.23%)
CNERGY 5.64 Increased By ▲ 0.26 (4.83%)
EFERT 79.36 Increased By ▲ 0.71 (0.9%)
EPCL 67.48 Decreased By ▼ -0.31 (-0.46%)
FCCL 14.89 Increased By ▲ 0.39 (2.69%)
FFL 6.70 Increased By ▲ 0.10 (1.52%)
FLYNG 7.16 Increased By ▲ 0.13 (1.85%)
GGGL 11.60 Increased By ▲ 0.26 (2.29%)
GGL 17.51 Increased By ▲ 0.27 (1.57%)
GTECH 8.35 Increased By ▲ 0.05 (0.6%)
HUMNL 7.17 Increased By ▲ 0.11 (1.56%)
KEL 3.14 Increased By ▲ 0.06 (1.95%)
LOTCHEM 35.20 Increased By ▲ 2.33 (7.09%)
MLCF 28.35 Increased By ▲ 0.05 (0.18%)
OGDC 87.70 Increased By ▲ 3.15 (3.73%)
PAEL 16.63 Increased By ▲ 0.18 (1.09%)
PIBTL 6.05 Increased By ▲ 0.20 (3.42%)
PRL 19.46 Increased By ▲ 1.34 (7.4%)
SILK 1.14 No Change ▼ 0.00 (0%)
TELE 11.41 Increased By ▲ 0.31 (2.79%)
TPL 9.20 Increased By ▲ 0.20 (2.22%)
TPLP 20.25 Increased By ▲ 0.37 (1.86%)
TREET 27.10 Increased By ▲ 0.48 (1.8%)
TRG 96.20 Increased By ▲ 1.70 (1.8%)
UNITY 20.85 Increased By ▲ 0.48 (2.36%)
WAVES 13.90 Increased By ▲ 0.27 (1.98%)
WTL 1.34 Increased By ▲ 0.03 (2.29%)
BR100 4,275 Increased By 67 (1.59%)
BR30 15,794 Increased By 348.3 (2.26%)
KSE100 42,872 Increased By 628.4 (1.49%)
KSE30 16,219 Increased By 247.6 (1.55%)

BENGALURU: Indian shares settled lower for a second straight session on Tuesday, pressured by losses in IT heavyweights, while sugar companies plunged on media reports that the world’s biggest producer planned to curb sugar exports.

The NSE Nifty 50 index fell 0.55% to 16,125.15 at close, and the S&P BSE Sensex was down 0.43% at 54,052.61, tracking weakness in the broader market.

Sugar manufacturers including Dhampur Sugar Mills, Balrampur Chini, Dalmia Bharat Sugar and Industries and Shree Renuka Sugars dropped between 5% and 7.7%.

India planned to restrict sugar exports for the first time in six years to prevent a surge in domestic prices, a government source told Reuters on Tuesday.

Domestic equities have fallen more than 5% so far this month as global equities have been under pressure from the Russia-Ukraine conflict, prospects of bigger interest rate hikes by central banks to contain surging inflation, and the supply chain crisis that has been worsened by China’s zero-COVID policy. “Markets are in a consolidation mode...some of the overstretched valuations have normalised, so we do not expect much downside from current levels. However, inflation headwinds can play spoilsport for any market rally,” said Samrat Dasgupta, chief executive officer at Esquire Capital Investment Advisors.

On Tuesday, Nifty IT fell 1.88% and was the top loser among other sub-indexes, with Infosys, Tata Consultancy Services and Wipro falling over 1% each.

Among gainers, shares of SoftBank Group-backed Delhivery closed 10% higher in market debut.

Comments

Comments are closed.