Equity benchmark sensex slumped over 900 points in opening trade on Tuesday, tracking losses in index majors Wipro, RIL and HDFC Bank amid a weak trend in Asian markets.
The BSE Sensex was trading 905.16 points or 1.57 per cent lower at 56,586.35 in early trade. Similarly, the Nifty fell 253.80 points or 1.48 per cent to 16,895.30.
However, After a gap-down start on Tuesday’s session, the domestic equity markets staged a smart rebound to recoup most losses amid low-level buying in stocks.
Top Gainers and Losers
Asian Paints was the top loser in the sensex pack, shedding 4.38 per cent, followed by Wipro, Tech Mahindra, L&T, Reliance Industries and HDFC Bank.
On the other hand, Axis Bank, Bharti Airtel, and PowerGrid were the gainers.
Global Market
Elsewhere in Asia, bourses in Hong Kong, Seoul, Shanghai and Tokyo were trading with losses in mid-session deals amid rising geopolitical uncertainty over the Russia-Ukraine issues.
US
Stocks finished a volatile day slightly higher on Monday after reversing a steep slide caused by uncertainty over inflation-fighting measures from the Federal Reserve and the possibility of conflict between Russia and Ukraine.
The S&P 500 rose 12.19 points to 4,410.13. It’s now 8.1% below the all-time high it set on Jan. 3. The Dow rose 99.13 points to 34,364.50.
The Nasdaq gained 86.21 points to 13,855.13.
Japan
Tokyo stocks opened lower on Tuesday with investors remaining cautious over geopolitical risks linked to Ukraine and the US Federal Reserve’s decision later this week.
The benchmark Nikkei 225 index was down 0.51 percent, or 140.42 points, at 27,447.95 in early trade, while the broader Topix index lost 0.63 percent, or 12.17 points, to 1,917.70.
China
Hong Kong stocks suffered more losses at the start of trade Tuesday following a volatile day on Wall Street, with concerns over the Federal Reserve’s plans to hike interest rates compounded by worries over the Ukraine crisis.
The Hang Seng Index plunged 1.64 percent, or 404.94 points, to 24,251.52.
The Shanghai Composite Index lost 0.42 percent, or 14.82 points, to 3,509.28.
Price of Oil and US Dollar
The oil prices cooled-down from their recent highs. Brent Crude slipped 1.8 per cent to $86.27 a barrel, and WTI Crude declined 2.2 per cent to $83.31 a barrel.
Meanwhile, the Indian rupee on Monday fell 17 paise to close at an over three-week low of 74.60 against the US dollar on account of elevated crude oil prices, forex outflows and heavy losses in domestic equity markets amid growing geopolitical worries, omicron spread concerns.
Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 3,751.58 crore on Monday.
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