Benchmark indices ended in the red for the second consecutive day on Tuesday with losses in Information technology and financial services stocks weighing the most.
Nifty50 closed at 16,483.85, down 0.9 percent or 147.15 points while Sensex ended at 55,268.49, 0.9 percent or 497.73 points lower.
“I have no doubt that the markets will do phenomenally well. There could be small phases of consolidation, but that is par for the course,” said Hiren Ved, Chief Executive Officer, Director & Chief Investment Officer, Alchemy Capital Management.
Ved believes Nifty can still deliver mid-teen earnings growth even after two back to back years of very strong earnings growth which means that after a very long period of time India's earnings growth cycle is fairly robust.
“And that to me is the single most important reason why the Indian markets are fairly resilient in relative terms and even in absolute terms,” he quickly pointed out.
Meanwhile, Rupee ends at 79.78 per dollar as compared to the previous close of 79.73.
Global markets
Sentiment was mixed across global markets on Tuesday, ahead of a looming interest rate hike from the US Federal Reserve.
The US Fed's two-day meeting remained the focus of the markets with investors discounting a 75 basis-point rate hike.
MSCI's Asia Pacific ex-Japan was up 0.5 percent while S&P futures were down 0.3 percent hinting at a lower start for Wall Street.
