Market at Close | Nifty slips below 24,000; Sensex falls 417 points as banks drag

The equity benchmark indices ended largely lower on Tuesday (April 28), with the Nifty slipping below the 24,000 mark and banking stocks leading the decline, even as midcaps outperformed and upstream oil companies gained on firmer crude prices.

The Sensex fell 417 points to close at 76,887, while the Nifty declined 97 points to end at 23,996. The Nifty Bank index underperformed, dropping 864 points to 55,400, with all constituents closing lower except Kotak Mahindra Bank. In contrast, the Midcap index rose 171 points to 60,419.

From the Sensex basket, Oil and Natural Gas Corporation Ltd, Adani Enterprises Ltd, Coal India Ltd, Nestle India Ltd, Reliance Industries Ltd and Bharti Airtel Ltd were the major gainers. InterGlobe Aviation Ltd, HCL Technologies Ltd, Axis Bank Ltd, Shriram Finance Ltd, UltraTech Cement Ltd and Infosys Ltd were the biggest laggards.

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Banking shares remained under pressure through the session, with the Nifty PSU Bank index emerging as the worst-performing sectoral gauge, falling 2% after the RBI finalised expected credit loss norms.

Among sectoral movers, upstream oil companies advanced while downstream oil companies declined as Brent crude climbed near $111 per barrel.

Within the Nifty pack, Tata Chemicals, Oil India and Indus Towers were the top gainers. On the losing side, Eternal, InterGlobe Aviation, HCLTech and Axis Bank led declines. Maruti Suzuki fell nearly 3% after reporting margins below estimates, while Dalmia Bharat dropped more than 3% after topline growth missed estimates.

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Eternal recovered more than 5% from the day’s lows after reporting strong fourth-quarter results and healthy commentary, though the stock still featured among the top Nifty losers.

Cohance Life extended gains from the previous session and rose 13% in Tuesday’s trade. Reliance added to the previous session’s gains and rose more than 5% over the last two sessions.

Market breadth remained slightly negative, with declines outpacing advances on the NSE. The advance-decline ratio stood at 2:3.

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