Stock Market: Sensex Dives 106 Points, Nifty Ends Below 16,250 Tracking High Volatility

Stock update: Among the Sensex 30 stocks, Tata Steel plunged about 7 per cent to Rs 1,162. The rests Sun Pharma, NTPC, Titan, Reliance Industries, and Bajaj Finance were the other major losers

New Delhi: Sensex and Nifty, the two key equity benchmarks, on Tuesday extended their fall for the third straight session amid high volatility in the market. The indices started trade with in the green but soon gave up all gains and settled in the red. While in the afternoon, the markets rallied to a high of 54,857 only to settle in losses.

After oscillating between gains and losses, the 30-share BSE Sensex sank 106 points to 54,364, while the broader NSE Nifty ended day’s trade down 62 points at 16,240.

Among the Sensex 30 stocks, Tata Steel plunged about 7 per cent to Rs 1,162. The rests Sun Pharma, NTPC, Titan, Reliance Industries, and Bajaj Finance were the other major losers. On the flip side, Hindustan Unilever gained 3 per cent. Asian Paints, IndusInd Bank, and UltraTech Cement were the other major gainers, up over 2 per cent each.

In the broader markets, midcap and smallcap shares finished weak as Nifty Midcap 100 declined 1.87 per cent and smallcap dived 2.24 per cent.

On the NSE, 10 out of the 15 sector gauges settled in the negative zone. Sub-indexes Nifty Metal, Nifty Consumer Durables and Nifty Oil & Gas underperformed the index by falling as much as 5.20 per cent, 2.24 per cent and 2.29 per cent, respectively.

In the previous session on Monday, the Sensex ended 364 points (0.67 per cent) lower at 54,470, while the NSE Nifty declined 109 points (0.67 per cent) to end at 16,301.

In the Asian markets, Tokyo, Hong Kong, and Seoul ended lower, while Shanghai settled higher.

Stock markets in Europe were quoting higher in the afternoon session.

In the US, stock exchanges had fallen sharply on Monday.

Meanwhile, international oil benchmark Brent crude dipped 1.82 per cent to $104 per barrel.

Foreign institutional investors remained in selling mode, offloading shares worth a net Rs 3,361.80 crore on Monday, according to stock exchange data.

"Wall Street plunged to its lowest level in more than a year on Monday, as markets were already hit by rising interest rates. Following the decline in global stocks, Indian equity indexes may face some pressure. Asian markets are trading down on expectations of an economic downturn as a result of growing inflation, higher interest rates and harsh Covid-19 lockdown restrictions in Shanghai,” Mohit Nigam, head - PMS, Hem Securities told the PTI.