Indian Stock Market Snaps Winning Streak Amid Profit-Taking and Oil Price Surge

The Indian stock market snapped its four-session winning streak on Tuesday due to profit-taking and rising oil prices. The Nifty 50 settled at 24,614.90, down 159 points or 0.64 per cent, while the Sensex fell 210 points.

Market breadth was slightly negative, with the BSE advance-decline ratio at 0.99. Ajit Mishra from Religare Broking noted that 'markets witnessed profit-taking on Tuesday after Monday's sharp rally, with benchmark indices ending lower amid weakness in heavyweight stocks and caution surrounding the new closing auction mechanism.'

The government's Offer for Sale in LIC kept markets on edge. The government is looking to offload up to a 6.5 per cent stake at a floor price of Rs. 382 per share, which could raise nearly Rs. 31,000 crore and bring its holding down to 90 per cent.

The RBI's Monetary Policy Committee announcement is expected on Wednesday, with investors closely watching the central bank's commentary on inflation and growth.