Sensex, Nifty fall for fifth consecutive session
Equity benchmarks Sensex and Nifty fell for the fifth consecutive session on Tuesday in line with weak global trends as rising tensions between Russia and Ukraine kept investors on edge.
The 30-share BSE Sensex opened on a weak note amid firm oil prices and continued selling by foreign institutional investors and opened further lower by 432.36 points or 0.81 per cent at 52,410.39. Similarly, the broader NSE Nifty closed 115.75 points or 0.72 per cent lower at 15,747.40 in early trade.
On Monday, the Sensex closed 1,491.06 points or 2.74 per cent lower at 52,842.75, while the Nifty ended 382.20 points or 2.35 per cent lower at 15,863.15.
From the 30-share pack, Maruti Suzuki India, Tata Steel, HDFC Bank, Axis Bank and Asian Paints were the top laggards, falling up to 2.13 per cent. In contrast, Power Grid Corporation of India, NTPC, TCS and Tech Mahindra were among the gainers.
The entire global market closed in the red on Monday, including the Indian market, which fell dramatically and lost nearly 2 per cent, following steady rise in petroleum and weak global cues. A sharp rise in crude oil Markets have shaken prices, as investors fear more penalties against Russia,” said Mohit Nigam, Head – PMS, Hem Securities.
Borrowers in Hong Kong, Shanghai and Tokyo were trading lower in mid-session deals. Stock exchanges in the US closed in negative territory on Monday with a sharp fall.
Meanwhile, international oil benchmark Brent crude jumped 2.50 per cent to USD 126.1 per barrel.
US equities fell as investors sold stocks and stockpile safe-haven assets as concerns over the economic consequences of Russia’s war in Ukraine intensified. The Dow Jones fell 2.4 percent, while the S&P 500 fell 2.95 percent. According to Mitul Shah, Head of Research at Reliance Securities, the heavy Nasdaq fell 3.6 percent.
Foreign institutional investors continued their sell-off in the Indian markets as they sold shares worth Rs 7,482.08 crore on a net basis on Monday, according to exchange data.