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26 January, 2022 14:44 IST
Sensex down nearly 300 points; Nifty below 17,400
Source: IRIS | 23 Nov, 2021, 12.25PM
Rating: NAN / 5 stars.
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Indian equities continued to fall in early trade for the fourth day on Tuesday. Banks and IT stocks traded lower while metals, realty, pharma and capital goods stocks gained. Both Sensex and Nifty were trading below 2-month low.

The 30-share benchmark index, BSE Sensex opened with a decline of 481.94 points or 0.82% at 57,983.95, while the broad based NSE Nifty started with a fall of 134.80 points or 0.77%, at 17,281.75.

At 10.48 a.m., the Sensex was trading down 297.87 points or 0.51% at 58,168.02 with 10 components falling. Meanwhile, the Nifty was trading lower by 38.85 points or 0.22% at 17,377.70 with 22 components falling.

Biggest gainers in the 30-share index were Tata Steel (3.11%), Power Grid Corporation Of India (1.65%), NTPC (0.92%), Sun Pharma (0.89%), Bajaj Finserv (0.80%), Tech Mahindra (0.64%) and Nestle India (0.62%).

On the other hand, IndusInd Bank (3.15%), Asian Paints (1.92%), Infosys (1.55%), ICICI Bank (1.36%), Reliance Industries (1.20%), Kotak Mahindra Bank (0.93%), Bajaj Auto (0.62%) and TCS (0.58%) were the major losers in the Sensex. Market breadth was positive with 2,076 advances against 943 declines.

On global front, Asian stocks were mixed on Tuesday after Treasury yields and the dollar jumped as Jerome Powell’s re nomination to head the Federal Reserve fuelled bets on quicker policy tightening. Shares rose in Australia but fell in South Korea, Hong Kong, Taiwan while Japan is closed for a holiday. SGX Nifty slipped nearly 0.5% while US Dow Future is up 0.1%.

U.S. stocks ended mixed on Monday despite a high opening as rising Treasury bond yields led to material drop of tech stocks. The yield of 10-year Treasury bonds shot up 8bps and closed at 1.63%, which is seen as a headwind for tech stocks. Nasdaq Composite declined 1.5%. Dow gained marginally by 0.2% while declined nearly 1% from the intra-day high. US Dollar Index surged over 1-year high at 96.5.

European stocks closed lower on Monday as consumer confidence in the euro area slipped in November and as investors digested the news that Jerome Powell will continue as Federal Reserve chair for another term. Both Germany and France Index declined quarter percent each while US Index declined 0.4%.

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