Domestic stock markets halted a record run on Tuesday tracking losses across Asian equities, amid uncertainty about Senate runoffs in Georgia, which could have a big impact on incoming US President Joe Biden’s economic policies. The S&P BSE Sensex index fell 273.42 points, or 0.57 per cent, to hit 47,903.38 at the weakest level recorded during the session, and the broader NSE Nifty 50 benchmark slid to as low as 14,048.15, shedding 84.75 points, or 0.60 per cent, from its previous close. (Also Read: Stocks To Watch Today)
Losses in energy, automobile and select financial shares pulled the markets lower amid volatile trade, however, gains in IT and pharmaceutical shares arrested the fall.
Tata Motors, ONGC, Mahindra & Mahindra, NTPC and Hindalco, trading between 1.55 per cent and 2.51 per cent lower, were the worst hit among 35 laggards in the 50-scrip Nifty index.
On the other hand, Tata Consultancy Services, Cipla, HDFC, HDFC Life and Axis Bank, up 0.75-1.53 per cent each, were the top gainers in the basket of 50 shares.
Analysts awaited financial results from IT bellwether Tata Consultancy Services (TCS) on Friday for near-term cues.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.34 per cent, pulling back from a record high hit in the previous session. Japanese shares lost 0.25 per cent after a media report that the government will curb business hours in Tokyo and surrounding cities from Thursday.
In the US, control of the Senate is at stake with Tuesday’s dual runoff elections in Georgia.
A Democratic victory in both races could tip control of the Senate away from Republicans, but both contests are very tight and the results may not be immediately known, which could lead to a repeat of the chaotic vote re-counts after the U.S. presidential election last year.