Guwahati: The Indian stock market closes in the red as a result of low consumer confidence.
On Tuesday, Indian equity markets closed in the red after registering significant gains during the day trading session, weighed down by low consumer confidence and the imposition of an additional excise tax on crude oil.

Tuesday was a busy day in the markets, with the benchmark Nifty 50 index reclaiming 16,000 in intraday trade for the first time since June 10.

The S&P BSE Sensex rose 631 points during the day before falling 100 points, or 0.19 percent, to 53,134. The Nifty50 also reached an intra-day high of 16,026 before closing at 15,811, down 26 points or 0.15 percent.
Metal stocks outperformed all other sectoral indices.
The top gainers on the 50-pack index were PowerGrid, Shree Cement, Apollo Hospitals, Hindalco, Bajaj Finserv, ONGC, Tata Motors, and HUL, while the top losers were ITC, Wipro, HDFC Life, Britannia Industries, Maruti Suzuki, and M&M.

With consumer confidence eroding and inflation rising, India Inc will begin its April-June quarter (Q1FY23) earnings season this week, which will likely have an impact on market sentiment.
The government's decision to levy excise duty on crude oil may have another casualty: the sentiment among public sector (PSU) stocks, according to analysts, who believe the move will dampen investment sentiment in this sector.