Markets settle lower; Sensex below 58,200, Nifty 50 under 17,325; RIL, ITC, Kotak, Airtel, Bajaj twins top bears

Indian markets settled on the lower front during Tuesday's closing bell amid the broad-based selloff, major macroeconomic data and weak global cues. Investors broadly are on a wait-and-watch mode as they observe the uncertainties of the Omicron variant while cashing in profits in major sectors like auto and consumer durables. Pharma, IT, Power, Capital Goods and Oil & Gas witnessed a bull run as sentiments here was positive as they become defensive stocks amid the concerns arising from the pandemic.

Sensex closed at 58,117.09 lower by 166.33 points or 0.29%. Nifty 50 finished at 17,324.90 below 43.35 points or 0.25%.

On BSE, in terms of sectoral indices, the Consumer Durables index dived over 170 points while the Auto index shed nearly 220 points. On the positive front, the IT and Capital Goods index ended with gains of around 120 points and 170 points. The Oil & Gas index climbed 130 points. The Power index hit a new all-time high before ending by more than 1%.

Bulls on Sensex were - Power Grid, Dr Reddy's Lab, Nestle, Axis Bank, ICICI Bank, IndusInd Bank, HUL and Asian Paints.

Bears on Sensex were - ITC, Bajaj Finance, Kotak Bank, Bharti Airtel, Reliance Industries, Bajaj Finserve, M&M and Sun Pharma.

India’s WPI inflation was recorded to a fresh all-time high of a 12-year-high of 14.23% YoY in November 2021. The high rate of inflation in November 2021 is primarily due to the rise in prices of mineral oils, basic metals, crude petroleum & natural gas, chemicals and chemical products, food products etc. as compared to the corresponding month of the previous year

India's Consumer Price Index (CPI) or retail inflation increased in November 2021 due to a spike in vegetable prices as an outcome of unseasonal rainfall offsetting the support of excise duty cuts on fuel. CPI was at 4.91% in November this year, higher from 4.48% in October 2021. However, CPI was lower compared to the same month last year, where it stood at 6.93%. CPI inflation has risen to a three-month high.

On the global front, Asian stocks and crude oil prices were on the downside curve as the rapid spread of the new Covid variant, Omicron baffled investors who were already on a cautious tone ahead of a slew of central bank decisions including a key Federal Reserve meeting lined-up this week.