Stock Market Update: Sensex Sheds 220 Points, Nifty At 17,173 Level. Titan, PowerGrid Among Top Laggards

The markets remained volatile on Tuesday amid weak global cues and subdued foreign flows. The rupee also depreciated 1 paisa to 82.41 against the US dollar.

Stock Market Updates

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The markets opened on a weaker note for a consecutive second day on Tuesday with Sensex shedding 220.86 points to 57,770.25 in early trade and Nifty lost 68.05 points to touch the 17,172.95 level. On Sensex, Titan, Power Grid, Maruti, Mahindra & Mahindra, Bharti Airtel, Hindustan Unilever, ICICI Bank and State Bank of India were among the laggards.

While Asian Paints, Infosys, Wipro, HCL Technologies and ITC were among the top gainers. Asian markets also opened lower with Seoul, Tokyo and Hong Kong trading lower, while Shanghai opened in the green.

The markets remained volatile amid weak global cues and subdued foreign flows.

The Sensex declined 200.18 points or 0.34 per cent to settle at 57,991.11 on Monday. The Nifty slipped 73.65 points or 0.43 per cent to close at 17,241.

On the other hand, foreign institutional investors offloaded shares worth Rs2,139.02 crore on Monday, according to data available with BSE.

The rupee lost 1 paisa to 82.41 against the US dollar in the morning trade on Tuesday amid the strengthening of the American currency and sustained foreign fund outflows.

Moreover, a weak trend in domestic equities and risk aversion sentiment among investors weighed on the local unit.

At the interbank foreign exchange, the domestic unit opened at 82.35 against the dollar, then pared the gains to 82.41, registering a loss of just 1 paisa over its previous close.

In a highly volatile session, the local unit also touched 82.33 against the American currency in initial deals. 

Meanwhile, the US markets also ended lower on Monday.  Oil prices slid on Tuesday and declined nearly 2 per cent in the previous session, as a stronger US dollar and a rise in Covid-19 cases in China raised concerns of slowing global demand. The international oil benchmark Brent crude futures dipped 0.28 per cent to 95.92 per barrel. 

(With agency inputs)