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Indian Shares Retreat, Settle Sharply Lower

Indian stocks retreated after a highly volatile session on Tuesday, with traders booking profits after a steep rise in the previous session.

The benchmark BSE Sensex ended down 382.87 points or 0.97% at 38,969.80, while the National Stock Exchange's Nifty50 shed 119.15 points or 1.01%, settling at 11,709.10.

On Monday, the market hit record highs thanks to exit polls predicting a majority for the BJP-led NDA in the general election. The Sensex and the Nifty jumped 3.75% and 3.69%, respectively.

Tata Motors ended 6.6% down on disappointing results. Zee Entertainment Enterprises, BPCL, Adani Ports, IndusInd Bank, Grasim Industries and Maruti Suzuki declined by 3 to 4.5%.

IOC, UltraTech Cement, Bharti Airtel, Hero Motocorp, Tata Steel, State Bank of India, Hero Motocorp and Mahindra & Mahindra also ended sharply lower.

Dr Reddy's Laboratories gained nearly 3%, rebounding after a sharp setback on Monday. Bharti Infratel, Titan, Britannia Industries and Reliance Industries also ended notably higher.

The market breadth was very weak. On BSE, 1610 stocks declined and 960 stocks advanced, while 142 stocks ended flat.

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