Sensex, Nifty decline; Parag Milk Foods tumbles 10 per cent, Dish TV locks in at upper circuit

On Tuesday, Sensex closed down by 51.88 points or 0.14 per cent at 38,365.35 while Nifty fell by 37.70 points or 0.33 per cent at 11,317.35.

Heavy selling was seen in metal, pharma, and auto stocks, which resulted in the indices erasing their intraday gains and slipping into the red territory on Tuesday. While telecom stocks declined, IT stocks were seen outperforming.

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Fitch Ratings projected a massive 10.5 per cent contraction of India's economy in the current financial year as the country recorded one of the sharpest gross domestic product (GDP) contractions in the world during the period from April to June 2020.

On the global front, Asian indices such as Shanghai index, Hang Seng, Nikkei, and KOSPI gained by 0.72 per cent, 0.14 per cent, 0.80 per cent and 0.74 per cent, respectively. European indices such as FTSE 100, DAX, and CAC 40 were trading in red, down by 0.19 per cent, 0.74 per cent and 1.15 per cent, respectively.

Sensex gainers consisted of HCL Technologies, which went up by 2.26 per cent, Infosys rose by 1.67 per cent, RIL increased by 1.18 per cent, TCS gained by 0.93 per cent, Tech Mahindra rose by 0.72 per cent and ICICI Bank increased by 0.71 per cent.

Sensex losers included Tata Steel that went down by 4.13 per cent, Bharti Airtel decreased by 3.36 per cent, Axis Bank fell by 3.13 per cent, ONGC declined by 2.55 per cent, Sun Pharmaceutical Industries fell by 2.20 per cent, NTPC plunged by 2.05 per cent, etc.

Amongst sectoral indices on BSE, only three indices closed in green. BSE IT index was the top gainer, up by 1.35 per cent, outperforming markets while BSE Energy index and BSE Oil & Gas index rose by 0.86 per cent and 0.17 per cent, respectively.  BSE Telecom index was the biggest loser, down by 4.01 per cent.

BSE Small-Cap index fell by 0.93 per cent while BSE Mid-Cap index declined by 1.49 per cent.