Sensex Slips 29 Points, Nifty Closes at 22,945; IndusInd Bank Down 2%:

Mumbai: Indian equity markets remained range-bound with a slight negative bias on Tuesday, reflecting global market trends. The BSE Sensex and NSE Nifty 50 both saw marginal losses after hitting intraday lows.

Sensex: Dropped to 75,531 before recovering to close 29 points lower at 75,967.
Nifty 50: Touched a low of 22,801 and a high of 22,992, ultimately falling by 14 points to settle at 22,945.

Market Movers: Top Gainers & Losers

Gainers

NTPC & Power Grid Corp (+3%) – Power sector stocks led the gains.
Tech Mahindra, Zomato, HCL Tech, Kotak Mahindra Bank – Also ended in green.

Losers

IndusInd Bank, Hindustan Unilever, UltraTech Cement, M&M, TCS – Fell 1-2%, weighing on the indices.

Broader Market Trends

BSE MidCap Index: Closed flat.
BSE SmallCap Index: Declined 1.5%, reflecting bearish market breadth.
Declining stocks outnumbered advancing stocks by nearly 3:1, indicating weaker sentiment in broader markets.

Stock Brokers Under Pressure Amid Market Correction

The ongoing market correction in India has significantly impacted stock brokerage stocks on the National Stock Exchange (NSE).

The Nifty 50 has dropped 9% since September 18, 2024.
Many brokerage stocks have underperformed the index, falling between 30% and 70%.
Companies affected include TruCap Finance, Geojit Financial Services, 5Paisa Capital, Prime Securities, SMC Global Securities, and Arihant Capital Markets.

FIIs' Profit-Booking: Government’s Take

Finance Minister Nirmala Sitharaman addressed concerns over profit-booking by Foreign Institutional Investors (FIIs), attributing it to India’s strong economic performance.

“FIIs tend to exit when they are in a position to book profits. Today, the Indian economy offers an environment where investments are yielding good results, prompting this profit-booking activity.”

The government has also implemented customs duty rationalization measures to boost investor confidence and position India as an investor-friendly destination.

Global Market Cues

As of 9:06 a.m. Tokyo time, global markets showed mixed performance:

Gains
S&P 500 Futures: +0.1% – Indicates a positive but cautious U.S. market start.
Hang Seng Futures: +0.3% – Reflects optimism in Hong Kong markets.
Japan’s Topix: +0.4% – Strong local sentiment in Japanese equities.
Euro Stoxx 50 Futures: +0.6% – Indicates a positive opening for European markets.

Losses
Australia’s S&P/ASX 200: -0.4% – Investor sentiment remains weak.

Overall, global markets remain uncertain, with some regions seeing modest gains while others struggle.

Market Outlook

Short-term volatility remains high due to FII selling and weak earnings reports.
Global cues will influence direction, with a focus on U.S. Fed policies and commodity prices.
Broader market weakness suggests investors should stay cautious while tracking macro-economic developments.

Investors will be watching global trends and economic announcements to determine the next move in Indian markets.