A weak trend in global markets and foreign fund outflows weighed on investor sentiment, with the benchmark indices falling over 470 points in early trade as benchmark indices continued their fall on Tuesday.
The Sensex was trading at 58,493.98, down 470.59 points in early trade. Nifty closed 137.7 points lower at 17,537.25.
From the 30-share pack, Tata Steel, State Bank of India, Bajaj Finserv, IndusInd Bank, Larsen & Toubro, Tech Mahindra and Wipro He was among the early laggards.
In contrast, only Maruti Suzuki, HDFC and Kotak Mahindra Bank gained.
“The market will remain volatile in the near term, will be dragged up and down by positive and negative news. The near term headwind continues to mount with US bond yields crossing 2.8 per cent for 10 years and outflows from equities.
“The tech-heavy NASDAQ has clearly weakened and this has led to some gains in Indian IT stocks as well. But IT is likely to do well as TCS results indicate strong deal wins and order flow,” according to VK Vijayakumar, chief investment strategist, Geojit Financial Services.
TCS bid flat at Rs 3,685.10, down 0.31 per cent after declaring after-trade earnings on Monday.
The country’s largest software services firm Tata Consultancy Services on Monday began its fourth quarter earnings session, crossing the Rs 50,000 crore revenue mark for the first time and reporting 7.4 per cent year-on-year growth in net worth. 9,926 crore profit.
“US stock markets fell sharply on Monday as investors began the holiday-shortened week in a risk-free mood, as the weight of growth in bond yields was ahead of the critical on key growth stocks in the market. inflation Information
“Asian markets are trading on a negative note as investors continue to monitor developments around the COVID situation in mainland China,” said Mohit Nigam, PMS Head, Hem Securities.
On Monday, the Sensex closed at 58,964.57, down 482.61 points or 0.81 per cent. The Nifty closed at 17,674.95, down 109.40 points or 0.62 per cent.
In Asia, markets in Hong Kong, Seoul, Shanghai and Tokyo were trading lower in mid-session deals.
US stocks also closed with a fall on Monday.
International oil benchmark Brent crude jumped 2 per cent to $100.45 a barrel.
Foreign institutional investors continued selling shares worth Rs 1,145.24 crore on Monday, according to exchange data.