Sensex settles in red for fifth straight session, Nifty ends below 17,000

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Photo source: PTI

A view of the Bombay Stock Exchange (BSE) building.

Markets moved into a tailspin during Tuesday’s trade fag-end, with the Sensex down 703.59 points as sentiment continued to weaken due to the weakness of HDFC Twins and Infosys.

Concerns over rising inflation and outflows of foreign funds in the wake of the uncertain geopolitical situation have also eroded investor confidence.

In a highly volatile trade, the Sensex fell 703.59 points, or 1.23 per cent, to 56,463.15 as fag-end sales emerged. In the choppy trade, the benchmark reached a high of 57,464.08 and a low of 56,009.07 during the day. The NSE Nifty was down 215 points, or 1.25 percent, at 16,958.65.

Both indices closed in red for the fifth consecutive session.

From the 30-share Sensex pack, HDFC, HDFC Bank, Infosys, ITC, Tech Mahindra and HCL Technologies lagged behind. In contrast, Reliance Industries, ICICI Bank, State Bank of India and Bajaj Finance were the gainers.

In Asia, markets in Shanghai and Hong Kong stabilized lower, while Seoul and Tokyo were higher. European markets were also down in the afternoon session. Stocks in the U.S. fell slightly on Monday. International oil benchmark Brent crude fell 1.39 percent to USD 111.6 a barrel.

Foreign institutional investors continued their sell-off, offloading shares worth Rs 6,387.45 crore on Monday, according to exchange data.

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