New Delhi | Jagran Business Desk: The five-day winning streak for the stock market ended on Tuesday with both 30-share BSE Sensex and NSE Nifty 50 ending in red. While the Sensex closed at 55,776.85, falling by 709.17 points or 1.26 per cent, the Nifty ended at 16,663.00, plunging by 208.30 points or 1.23 per cent.
Only seven stocks - Mahindra and Mahindra, Maruti Suzuki India, Nestle India, Asian Paints, Titan, Bajaj Finsv, and Bharti Airtel - at the Bombay Stock Exchange (BSE) ended in green. Mahindra and Mahindra was the top gainer, rising by 2.23 per cent.
Meanwhile, Tata Steel was the top loser, shedding by 5.24 per cent, along with Tech Mahindra, Kotak Mahindra Bank, Infosys, Reliance, Axis Bank, HCL Tech, Power Grid, Wipro, Dr Reddy's, HDFC, and HDFC Bank.
The stock market had sustained the winning momentum to a fifth day on Monday. The Sensex had closed at 56,486.02, jumping by 935.72 points or 1.68 per cent, while the Nifty settled at 56,545.83, rising by 995.53 points or 1.79 per cent.
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"We are gaining traction as strategy is shifting from tactical sell to tactical buy. Investments are chipping in as commodities prices are reverting. FIIs selling and crude prices are subsiding, which is expected to continue based on diplomatic developments and provide an edge to the domestic market," said Vinod Nair, Head of Research at Geojit Financial Services, on Monday.
"Globally, investors are bracing for rate hikes as expected. Domestic WPI has spiked up however market is ignoring as future prices can get gloomy," Nair added.
Meanwhile, international oil benchmark Brent crude dipped 2.97 per cent to USD 109.3 a barrel. The rupee declined by 10 paise to close at 76.54 against the US dollar on Monday. Foreign institutional investors continued their selling spree in Indian markets as they offloaded shares worth Rs 2,263.90 crore on a net basis on Friday, according to exchange data.