Sensex decreases by more than 250 points, Nifty drops below 16,550
Indian equities indexes began trading down on Tuesday, continuing their second straight session of decline.
Indian equities indexes began trading down on Tuesday, continuing their second straight session of decline. The domestic indices got off to a cautious start, according to trends on the Nifty Futures on the Singapore Exchange (SGX Nifty).
As investors anticipated the magnitude of another abrupt increase in U.S. interest rates, Asian stocks traded in a range. The central bank increased its benchmark rate by 50 basis points (bps) in its most recent policy, and it is anticipated to raise it by a further 75 bps in the policy result for July, which is due on Wednesday.
Early trading saw the 30-share BSE Sensex drop 253 points, or 0.45%, to 55,514, while the larger NSE Nifty slid 84 points, or 0.51 percent, lower to trade at 16,547.
The Nifty Midcap 100 fell 0.36 percent, and small- and mid-capitalization shares fell 0.53 percent.
The National Stock Exchange’s 15 sector indicators, which were gathered, were trading in the red in 12 of them. IT and Nifty Auto sub-indices underperformed the NSE platform, declining by as much as 1.27 and 0.69 percent, respectively.
The top Nifty loser in terms of individual stocks was Dr Reddy’s, whose share price fell 2.29 percent to 4,231.30. As laggards, Infosys, Nestle India, Hero MotoCorp, and HCL Technologies were also listed.
As 1,164 equities on the BSE were rising while 1,264 were falling, the market’s overall breadth was marginally worse.
Among the top losers on the 30-share BSE index were Dr Reddy’s, Nestle India, Asian Paints, Infosys, Axis Bank, HCL Tech, Kotak Mahindra Bank, L&T, Bharti Airtel, Hindustan Unilever, Wipro, and TCS.
After a 2021 IPO, a one-year lock-in period for promoters, employees, and other investors came to an end, causing shares of meal delivery business Zomato to continue falling and drop as high as 6.10 percent to trade at 44.65.
The largest domestic financial investor and insurer in the nation, Life Insurance Corporation of India (LIC), saw a decline in share price as well, dropping 0.52 percent to trade at 680.60.
Bajaj Finserv, Tata Steel, Reliance Industries, Bajaj Finance, SBI, M&M, ITC, and PowerGrid, on the other hand, were all trading in the black.
On Monday, the Sensex fell 306 points, or 0.55 percent, to finish at 55,766 while the Nifty fell 88 points, or 0.53 percent, to finish at 16,631.