Indian shares ended lower on Tuesday, following the global sell-off as investors remained cautious about the ongoing coronavirus fears. Index heavyweights like Reliance Industries, ICICI Bank, Bharti Airtel, and ITC contributed the most to the losses. Meanwhile, investors also remained on edge ahead of the Union Budget due later this week.

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The Sensex ended 188 points lower at 40,967, while the Nifty50 index settled 63 points lower at 12,056. Broader markets were also in the red for the day with Nifty Midcap and Nifty Smallcap index down 0.2 percent and 0.13 percent, respectively.

Analysts expect Indian markets to remain volatile until the announcement of the Union Budget on February 1, which may include government measures to revive economic growth that has slipped to a more than six-year low.

BPCL, HDFC, Bajaj Finance, Sun Pharma, and Bajaj Finserv were the top gainers on the Nifty50 index, while Vedanta, Bharti Airtel, Tata Steel, Tata Motors, and JSW Steel led the losses.

Among sectors, major selling was seen in metal, auto, and banking indices. Nifty Metal lost 2.4 percent, while Nifty Auto and Nifty PSU Bank were down 1.2 and 0.6 percent, respectively. Nifty Bank also lost 0.23 percent and Nifty FMCG fell 0.3 percent. However, Nifty IT and Nifty Realty were positive for the day.

Shares of United Spirits rallied over 13 percent after global brokerage Credit Suisse upgraded the stock to ‘Outperform’ from Neutral, with a Target Price of Rs 700 per share post Q3 results. The company had reported a 15.19 percent rise in consolidated net profit at Rs 232 crore in Q3FY20 as compared to Rs 201.4 crore in Q3FY19.

HDFC remained one of the top gainers, up 1.5 percent on robust Q3 results and positive calls by brokerages.

First Published:Jan 28, 2020 3:31 PM IST