Sensex snaps 3-day winning run, closes 359 points down

Snapping three consecutive days of gains the Indian stock markets' key indices, Sensex and Nifty, closed in the red on Tuesday dragged by an over 3 per cent slump in Sun Pharma and profit booking in IT stocks.

The 30 stock S&P BSE Sensex slumped 359.33 points or 0.64 per cent to 55,566.41 points against its previous day's close at 55,925.74 points.

The Sensex closed in the red after three consecutive sessions of gains. The benchmark index had gained 1041.08 points or 1.90 per cent on Monday.

The broader Nifty 50 of the National Stock Exchange closed 76.85 points or 0.46 per cent down at 16,584.55 points against its previous day's close at 16,661.40 points.

The Nifty 50 had rallied 308.95 points or 1.89 per cent on Monday.

Sun Pharma dipped 3.11 per cent to Rs 860.45 after announcing disappointing Q4 results.

On Monday, Sun Pharmaceuticals Industries reported a consolidated net loss of Rs 2,227.38 crore for the quarter ended March 2022 as against a net profit of Rs 848 crore recorded in the corresponding period of the previous year, hit by one-time charges on settlement of a pending litigation in the US. The financial results were announced after the markets closed on Monday.

Kotak Bank dipped 2.55 per cent to Rs 1854.20. HDFC fell 2.50 per cent to Rs 2307.20. Titan slumped 1.67 per cent to Rs 2217.60.

After Monday's rally, IT stocks witnessed profit booking. Infosys fell 1.54 per cent to Rs 1503.95. TCS fell 0.32 per cent to Rs 3364.80.

Mahindra & Mahindra (M&M) surged for the second day on robust Q4 earnings. The share price of Mahindra & Mahindra surged 3.61 per cent to Rs 1033.90.

Mahindra & Mahindra (M&M) on Saturday reported a standalone profit (before exceptional items) at Rs 1,167 crore for the fourth quarter of 2021-22 as compared to Rs 998 crore recorded in the corresponding period of the previous year, registering a year-on-year growth of 17 per cent.

NTPC, Power Grid Corporation, Tech Mahindra, Tata Steel, ITC, Asian Paints and ICICI Bank were among the major Sensex gainers.

( With inputs from ANI )