Sensex fell 400 points, Nifty 50 ended below 24,000; mid, small-caps outperformed on 28 April. (Agencies)AI Quick ReadThe Indian stock market benchmarks, the Sensex and the Nifty 50, ended in the red on Tuesday, 28 April, due to profit booking in banking heavyweights, including ICICI Bank, HDFC Bank, Axis Bank, and SBI, amid mixed global cues.
The Sensex closed 417 points, or 0.54%, lower at 76,886.91, while the Nifty 50 ended at 23,995.70, falling 97 points, or 0.40%. However, the mid and small-cap segments bucked the trend, ending higher. The Nifty Midcap 100 and Smallcap 100 indices rose by 0.28% and 0.42%, respectively.
The Sensex and the Nifty 50 slipped sharply due to heavy selling in banking stocks after the RBI confirmed its expected credit loss framework and final asset classification norms, raising concerns about higher provisioning.
Nifty PSU Bank index dropped by 2.15%, while the Private Bank index fell 1.23%. Nifty Bank ended with a loss of 1.54%.
Stalled US-Iran talks, elevated crude oil prices, and the rupee's weakness kept market sentiment fragile.
Brent Crude jumped 3% to trade above the $111 a barrel, exerting pressure on the Indian currency as well as the stock market. As per PTI, the rupee fell 41 paise to close at 94.56 against the US dollar.
"Domestic equities are yielding to regulatory tightening and geopolitical pressures, struggling to sustain the recent gains from their lows. Banking stocks led the decline after the RBI confirmed its expected credit loss framework and final asset classification norms, raising concerns over higher provisioning. Investor caution ahead of the US Fed rate decision added to the selling pressure," Vinod Nair, Head of Research, Geojit Investments, noted.
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