Indian stocks ended on a weak note on Tuesday with traders choosing to take profits to sign off the year amid a lack of positive triggers.
Asian markets were weak, tracking the decline on Wall Street on Monday. Most of the markets across Europe are closed for New Year's Eve and will remain shut on Wednesday as well. The U.S. markets will also be closed for New Year's Day holiday on Wednesday.
Investors were also cautious due to the upcoming reporting season. Automobile companies will be releasing their sales data for the month of December, and there is unlikely to be any positive surprises on that front.
Several top notch stocks, including heavyweights Reliance Industries, ended notably lower.
The benchmark BSE Sensex ended down 304.26 points, or 0.73%, at 41,253.74, nearly 70 points off the day's low of 41,184.73. The Sensex gained about 14.3% in the year.
The National Stock Exchange's Nifty50 ended with a loss of 87.40 points, or 0.71%, at 12,168.75, after declining to a low of 12,151.80. The Nifty gained about 12% in the year.
Finance Minister Nirmala Sitharaman today unveiled Rs 102 lakh crore of infrastructure projects that will be implemented in the next five years as part of the government's spending push in the infrastructure sector.
Tech Mahindra and Bajaj Auto declined 2.5% and 2.1%, respectively. Reliance Industries ended 2% down. Hero Motocorp, IndusInd Bank, Bharti Airtel, HDFC, Tata Consultancy Services, ICICI Bank and Mahindra & Mahindra also ended notably lower.
Eicher Motors, Vedanta, Wipro and Bharti Infratel declined as well.
Coal India, NTPC, GAIL India and Grasim Industries ended on a firm note.
Jet Airways gained 5%. The Hinduja Group is reportedly preparing to submit an expression of interest by the January 15 deadline, to acquire Jet Airways. Synergy Group Corp is the only company to have have submitted a bid for for Jet Airways so far.
Although the market ended with losses, the breadth was positive. On BSE, 1355 shares advanced and 1205 shares declined, while 199 shares ended flat.