Market Close: Sensex pares gains, down 382 points

The benchmark index BSE Sensex lost some of Monday's phenomenal gains. Sensex closed down at 38,969.80, down by 382.87 points or 0.97 per cent on Tuesday. The bears regained control after a record 1,421 point closing gains on Monday.

Nifty held its ground for the most part of the morning trading session, but started to slide in the lunch hours and fell continuously to 11,682.80 level. At closing, Nifty recovered a bit and ended the day at 11,709.10, down by 119.15 points or 1.01 per cent. The advance-decline ratio was at 7:43 a trend reversal from Monday's trading session.

The top gainers on Nifty was Dr. Reddy's, which was Monday's top loser. Among the gainer were Infratel, Titan, Britannia and Reliance, which were up 2 to 1 per cent. While the top losers were Tata Motors, ZEEL, BPCL, Adani Ports and IndusInd Bank down between 6 to 3 per cent.

All major sectoral indices were in the red. Nifty Auto and Nifty Media lost the most and were down by 2.52 and 2.32 per cent, respectively. Nifty Bank closed at 30,308.40, dropping down by 451.30 or 1.47 per cent, while Nifty Metal and Nifty IT closed down by 1.55 and 1.26 per cent, respectively on Tuesday.

The movers of BSE Sensex consisted of index heavyweights and banking majors HDFC Bank and ICICI Bank pulling the market down by 56.02 and 46.97 points, respectively. IT majors Infy and TCS contributed negative 49.31 and 31.08 points, respectively. While supporting the market was Reliance contributing positive 45.25 points.