Indian Indices Falter On Weak Cues; Nifty Below 15,750

Weighed down by weak global cues amid China crackdown indices which were at the start of the trade on Tuesday were trading with a positive bias, lost close to 0.5% on the benchmark indices. Midcap index which was seen with gains also tumbled and was last seen trading lower by 0.34%.

At the close, Nifty settled lower by 15746, down 0.49%, while Sensex also ended sharply lower by 274 points at 52,579.

Indian Indices Falter On Weak Cues; Nifty Below 15,750

Among Nifty sectoral indices, the major weakness came in the pharma pack to the tune of over 4%, led by Dr. Reddy's, Aurobindo Pharma, Lupin and Cipla among others. The only sectoral indices trading in the green were Nifty metal and Nifty PSU Bank.

Nifty PSU Bank was buzzing owing to some respite to the PSU Banks in the country which shall now be able to recover dues from fugitive offender Vijay Mallya after he has been declared bankrupt by the UK court.

Reports suggest that after a weak H1CY21, private sector banks in the country are in for a re-rating and some of the solid candidates shall be ICICI Bank, HDFC Bank and Kotak Mahindra Bank among others.

Further as per an Indian Express report Amazon is looking to buy stake in Indian entertainment firms including Inox Leisure. This is to diversify its Amazon entertainment business.

Meanwhile, at the time of writing this copy, European stocks too traded weak with UK's FTSE down by 0.88%.

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