Indian bourses closed marginally lower on Tuesday after a relatively high morning trade following positive cues from Asian currencies – the Bombay Stock Exchange Sensex ended 52.51 points lower at 27,235.66, while the National Stock Exchange Nifty closed at 8,398, down 14.80 points.
Reliance Industries Limited was the major laggard in the day’s trading on the BSE index. Its shares dropped by 3.37% as concerns over spending on Jio’s expansion overshadowed its 3.6% gain in quarterly profit. Adani Ports, Coal India ONGC, Tata Steel and HDFC were among the worst performers, while Asian Paints, ITC, Hindustan Unilever and Axis Bank made the highest gains.
“Markets are more or less flat and will be range-bound ahead of quarterly results and the union budget, wherein investors will watch out on how the allocation happens,” senior research analyst with Angel Broking Siddharth Purohit told Mint.
Among other Asian markets, Shanghai’s benchmark stock index ended its five-day losing streak on Tuesday. While Japan’s Nikkei fell to its lowest level since December 8.
European markets opened low on Tuesday, ahead of British Prime Minister Theresa May’s Brexit speech scheduled for later in the day.