After three days of gains, markets are shaky; the Sensex is down around 317 points

With the Sensex dropping over 317 points in early trade, equity benchmark indices on Tuesday ended their three-day winning streak due to negative global market trends and ongoing outflows of foreign funds.

Strong crude oil prices on the global market placed pressure on stocks as well.

The 30-share BSE Sensex was down 317.41 points at 52,843.87 as of this writing. To 15,732.40, the NSE Nifty fell 99.65 points.

Asian Paints, Titan, Bajaj Finserv, Wipro, Tech Mahindra, UltraTech Cement, HDFC, and Bajaj Finance were the major laggards in early trade among the members of the Sensex pack.

Among the winners were Mahindra & Mahindra, ITC, Dr. Reddy’s Laboratories, and Reliance Industries.

Markets in Tokyo, Shanghai, Seoul, and Hong Kong were trading down in mid-session trades on other Asian exchanges.

On Monday, the US stock markets also declined.

“Markets are likely to struggle in early Tuesday trades, as most of the other Asian gauges have retreated after the recent gains, while the US markets also closed lower in the overnight trade,” said Prashanth Tapse, Vice President (Research), Mehta Equities Ltd.

International benchmark Brent crude increased 1.12% to USD 116.38 a barrel in the meantime.

The Sensex increased 433.30 points or 0.82 percent on Monday to close at 53,161.28. Additionally, the Nifty increased by 132.80 points, or 0.85%, to 15,832.05.

According to exchange data, foreign institutional investors (FIIs) continued to be net sellers in the capital market on Monday, selling shares worth Rs 1,278.42 crore.