The cautious tone followed Monday’s range-bound session marked by profit-taking, though upbeat results from Bharti Airtel and Titan helped limit losses.
The S&P BSE Sensex slipped over 150 pts, to trade below 83,800, while the NSE Nifty 50 dropped below 25,700 level.
On the 30-share Sensex, Power Grid, Eicher Motors, HCL Technologies, Maruti Suzuki, and Tata Motors were among the top laggards, slipping between 1% and 3%.
Across sectors, financials and state-owned lenders edged down about 0.2% each.
Meanwhile, the broader mid-cap and small-cap indices were little changed.Bharti Airtel climbed 2.1% after reporting a sharp rise in quarterly profit, driven by growth in higher-paying users. Titan Company added 1.5% after delivering better-than-expected September-quarter earnings, buoyed by strong gold prices.Expert Views
FIIs’ renewed selling is constraining the rally in the market as during the last four days FIIs have sold equity worth Rs 14,269 crores, said Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments, adding that “this is an indication that they will continue to sell on rallies. Higher valuations in India and muted earnings growth are restraining FIIs who are more focused on cheaper markets with better earnings growth.”
“However, this is likely to be a short-term challenge. Medium-term prospects look good with robust GDP growth and impressive sales data, particularly from automobiles. Modest earnings growth of banking and poor earnings growth of IT will restrain earnings growth in FY26. But impressive earnings growth around 15% is likely in FY27 and the market will soon start discounting this,” said Vijayakumar.
FII/DII Tracker
On the institutional front, Foreign Institutional Investors (FIIs) sold equities worth nearly Rs 1,884 crore on November 3, while Domestic Institutional Investors (DIIs) were net buyers to the tune of Rs 3,516.36 crore.
Global Markets
A rally in tech shares propelled Japan’s Nikkei and Taiwan’s TAIEX to fresh record highs on Tuesday, even as most other Asian markets slipped after recent peaks.
The Nikkei erased early losses to edge up 0.2% to a historic 52,636.87, while the TAIEX gained 0.5%. South Korea’s KOSPI, however, fell 1.5% after surging 2.8% to a record high on Monday.
Hong Kong’s Hang Seng inched up 0.1%, while China’s onshore blue chips dipped 0.1%, as investors weighed weak U.S. economic data and mixed signals from Federal Reserve officials on the timing of a rate cut.
Crude Impact
Oil prices edged lower on Tuesday after investors interpreted OPEC+’s decision to pause output hikes in the first quarter as a sign of potential oversupply.
Brent crude futures slipped 0.2% to $64.74 a barrel, while U.S. West Texas Intermediate eased 0.2% to $60.91 by 0405 GMT.
Rupee vs Dollar
The Indian rupee bounced back from record lows, rising 21 paise to 88.56 against the U.S. dollar in early trade Tuesday, supported by softer crude prices overseas.
The dollar index, which tracks the greenback against six major peers, inched up 0.04% to 99.75.
(with inputs from agencies)