Markets reverse early gains in volatile trade; Nifty ends below 16,250, Sensex falls 236 points

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Photo source: PTI

The Nifty ended below 16,250, with the Sensex falling 236 points

Equity indicators failed to hold gains on Tuesday morning, with the Sensex falling 236 points amid a sell-off in IT stocks and a weak trend from global markets.

The 30-share BSE benchmark opened higher but could not keep pace and fell 236 points or 0.43 per cent to settle at 54,052.61. During the day, it reached a low of 53,886.28 and a high of 54,524.37. The broader NSE Nifty ended 89.55 points or 0.55 percent lower at 16,125.15.

Among the Sensex packs, Tech Mahindra, Hindustan Unilever, HCL Technologies, Asian Paints, NTPC, Tata Steel, Infosys, Axis Bank and Bajaj Finserv were the most backward. In contrast, Dr Reddy’s, HDFC, Powergrid, Kotak Mahindra Bank, HDFC Bank and Nestl ছিল were among the major beneficiaries.

Deepak Nassani, head of retail research at HDFC Securities, said: “The Nifty is under selling pressure again in the afternoon session today. It opened flat and rose in the morning. It came under selling pressure later and closed lower for the second consecutive session.” Deepak Jasani, head of retail research. .

Asian markets have declined in Hong Kong, Shanghai, Seoul and Tokyo. European exchanges were also lower in afternoon trade. US stock markets ended higher on Monday.

International oil benchmark Brent crude fell 0.46 percent to USD 112.9 a barrel.

According to the stock exchange, foreign institutional investors offloaded shares worth Rs 1,951.17 crore on Monday, continuing their selling trend.

“There is no distinct trend in this whips market. For the near term, daily transactions are fraught with high risk,” said VK Vijayakumar, chief investment strategist at Geojit Financial Services.

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