Share Market Today: Sensex Over 250 Points Down, Nifty Tests 22,900
On the 30-share Sensex platform, Tech M, Infosys, and HCL Tech emerged among the gainers. On the other hand, the laggards in the session so far included Tata Steel, Tata Motors, and Adani Ports.
Indian equity benchmark indices began trading on Tuesday on a muted note. The markets remained in the negative territory as foreign investors continued to dump Indian equities and this had a severe impact on the sentiment among investors.
The BSE Sensex and NSE Nifty50 opened the markets slightly lower. As of 9:44 AM, the Sensex slipped about 50 points to trade just under 75,950, while the Nifty inched down 26.25 points to trade at 22,933.35.
As markets progressed, the indices continued to decline. Around 10:21 AM, the Sensex tanked more than 250 points to trade at 75,719.79, while the Nifty plunged close to 100 points and stood under 22,900.
On the 30-share Sensex platform, Tech M, Bajaj Finserv, Infosys, Sun Pharma, and HCL Tech emerged among the gainers. On the other hand, the laggards in the session so far included Tata Steel, IndusInd Bank, UltraTech Cement, Tata Motors, and Adani Ports.
In the broader markets, the indices traded entirely in red. The Nifty Microcap 250 dominated among the laggards and tanked 1.47 per cent in the session so far.
Sectorally, the PSU bank index plunged 1.13 per cent, followed by the Metal index which stood lower by 1.08 per cent.
Macro Indicators
The foreign institutional investors (FIIs) continued with their bearish sentiment and offloaded Indian equities worth Rs 3,937.83 crore on Monday, official exchange data revealed. Asian markets saw Seoul, Shanghai, Hong Kong, and Tokyo trading higher, while the US markets remained closed for trading on Monday due to 'President's Day'. The global oil benchmark, Brent crude, jumped 0.24 per cent to touch $75.40 per barrel.
V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, noted, "The weakness in the market persists despite the mild recovery witnessed on Monday. The market construct doesn’t favour a rally in the market. FIIs are likely to continue to sell. News flows are not positive."
The Indian rupee depreciated 8 paise to touch 86.96 against the US dollar in early trade on Tuesday, as consistent foreign fund outflows and a muted trend in the domestic markets dragged the currency lower.
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