Sensex slumps over 350 points in early trade; Nifty drops below 17,300

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Photo source: PTI

In the previous session, the 30-share equity benchmark was down 503.25 points, or 0.86 percent, at 58,283.42, and the Nifty was down 143.05 points, or 0.82 percent, at 17,368.25.

Highlights

  • The Sensex fell more than 350 points in early trade on Tuesday.
  • The Nifty was down 98.35 points, or 0.57 percent, at 17,269.90.
  • Bajaj Finance was the top loser in the Sensex pack, falling more than 1 percent.

The equity benchmark Sensex fell more than 350 points in early trade on Tuesday, tracking the losses of the index’s main body Infosys, Reliance Industries and HDFC twins amid negative trends in global markets. The 30-share index fell 356.6 points, or 0.61 percent, to 57,926.82 in early trade. Similarly, the Nifty declined by 98.35 points, or 0.57 per cent, to 17,269.90.

In the Sensex pack, Bajaj Finance topped the list with losses of more than 1 per cent, followed by HDFC, Kotak Bank, IndusInd Bank, M&M, Bajaj Auto and Bajaj FinServe. Powergrid, on the other hand, was among the beneficiaries of Dr. Reddy’s, NTPC and ITC.

In the previous session, the 30-share equity benchmark was down 503.25 points, or 0.86 percent, at 58,283.42, and the Nifty was down 143.05 points, or 0.82 percent, at 17,368.25.

Foreign institutional investors (FIIs) remained net sellers in the capital market as they sold shares worth Rs 2,743.44 crore on Monday, according to the exchange.

Although this is early days, the rapid spread of the Omicron virus, especially in the UK, has increased the risk in the global market, said VK Vijayakumar, chief investment strategist at Geojit Financial Services.

“Against this backdrop, FIIs, especially those with large holdings such as HDFC Twins and RIL, have found another excuse to sell their FIIs to around Rs 19,000 crore in December.

The immediate trend in the market will be determined by how Omicron panned out and its impact on economic activity, he said, adding that if it becomes the third wave in India, the markets will recover quickly. On the other hand, if it goes like the Delta variant, the markets will rebound smartly.

Elsewhere in Asia, shares of Shanghai, Tokyo, Seoul and Hong Kong traded at significant losses in mid-session deals.

Wall Street stock exchanges also ended in red in overnight sessions. Meanwhile, international oil benchmark Brent crude fell 0.48 percent to USD 74.03 a barrel.

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