Markets Continue Their Trajectory In Red, Sensex Opens Over 250 Points Lower
The Sensex declined more than 250 points and stood at 80,620 as of 9:12 AM, while the Nifty slipped around 70 points, in the pre-open session.
The Indian stock markets began trading on Tuesday on a muted note. The BSE Sensex opened at 80,627, tanking around 263 points, while the NSE Nifty50 started trading at 24,629, slipping just over 50 points as of 9:15 AM.
The Sensex declined more than 250 points and stood at 80,620 as of 9:12 AM, while the Nifty slipped around 70 points, in the pre-open session.
However, markets reversed course as they moved ahead with the session. Around 9:54 AM, the Sensex gained close to 50 points and crossed 80,900, while the Nifty inched up 26 points to cross 24,700 in the session.
In global markets, Japan, Shanghai, and Hong Kong traded in red, while the South Korea stood in green. The American markets ended Monday on a mixed note on Monday. The global oil benchmark, Brent crude, inched up 0.04 per cent to touch $70.07 per barrel. Official data revealed that foreign institutional investors (FIIs) dumped Indian equities worth Rs 6,028.47 crore in the previous trading session on Monday.
VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said, "There are more headwinds than tailwinds for the market now. The major issue weighing on markets is that the expected trade deal between India and the US has not happened so far and the probability of a deal before the August 1 deadline is becoming lower. Sustained FII selling is impacting the market despite the DIIs (Domestic Institutional Investors) buying."
On the Sensex, Trent, Reliance, Tata Motors, Bharti Airtel, and HCL Tech emerged among the gainers during morning market hours. Meanwhile, the laggards included Eternal, BEL, NTPC, Infosys, and TCS.
In the broader markets, the Nifty Microcap250 climbed 0.55 per cent in the morning. Sectorally, the Realty index soared 1.66 per cent in the session.
How Did Markets Fare Yesterday?
The Indian equity markets kicked off the week on a weak note, with both benchmark indices closing sharply lower on Monday. The BSE Sensex shed 572 points to finish at 80,891, while the NSE Nifty50 declined by over 150 points, ending the session just below the 24,700 mark at 24,680.75.
Among the Sensex’s 30 constituents, selective buying offered some support. HUL, Asian Paints, ICICI Bank, PowerGrid and HDFC Bank managed to end in positive territory. On the flip side, weakness in heavyweight stocks dragged the market down. Kotak Mahindra Bank, Bajaj Finance, Bharti Airtel, Titan and TCS were among the top drags on the index.
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