Stock Markets Halt Rally; Nifty Below 26,000

Mumbai, Nov 18 (PTI) Snapping the six-day winning streak, benchmark Sensex dropped by nearly 278 points and the Nifty closed below the 26,000-mark due to profit-taking in IT, metal and capital goods shares amid a weak trend in global markets.

The 30-share BSE Sensex declined by 277.93 points or 0.33 per cent to settle at 84,673.02. During the day, it dropped 392.59 points or 0.46 per cent to 84,558.36.

The 50-share NSE Nifty dipped 103.40 points or 0.40 per cent to 25,910.05.

Among Sensex firms, Tech Mahindra, Infosys, Bajaj Finance, Bajaj Finserv, Eternal, Adani Ports, Hindustan Unilever and Bharat Electronics were the major laggards.

However, Bharti Airtel, Axis Bank, Asian Paints and Titan were among the gainers.

"The domestic equity market edged lower as investors booked profits after the recent rebound, mirroring weak global sentiment. Expectations of a US Fed rate cut in December have diminished, weighing on sentiment, with IT, metal, and realty stocks declining amid a stronger dollar," Vinod Nair, Head of Research, Geojit Investments Limited, said.


In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index, and Hong Kong's Hang Seng index settled sharply lower.

European markets were trading in the red. US markets ended in negative territory on Monday.

Commerce and Industry Minister Piyush Goyal on Tuesday said "you will hear a good news" on the proposed trade pact between India and the US once the deal is fair, equitable and balanced.

Foreign Institutional Investors (FIIs) bought equities worth Rs 442.17 crore on Monday, according to exchange data. Domestic Institutional Investors (DIIs) also bought stocks worth Rs 1,465.86 crore in the previous trade.

Brent crude, the global oil benchmark, dipped 0.40 per cent to USD 63.94 per barrel.

Rallying for the sixth consecutive day on Monday, the Sensex climbed 388.17 points or 0.46 per cent to close at 84,950.95. The Nifty edged higher by 103.40 points or 0.40 per cent to settle at 26,013.45.