Sensex dips 474 points, Nifty falls by 171 points in early trade

Stock indices dipped in early trade on Wednesday, led by index heavyweights Reliance Industries and HDFC Bank, on negative global market trends.

Following a dismal start, the Sensex fell 474.1 points to 58,722.89. Similarly, the Nifty dropped 171.3 points to 17,484.30.

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IndusInd Bank, Bharti Airtel, HCL Technologies, Axis Bank, Tech Mahindra, Kotak Mahindra Bank, HDFC, Infosys, HDFC Bank, and Reliance Industries were among the Sensex pack’s early laggards. Among the winners were Power Grid, Asian Paints, Nestle, and UltraTech Cement.

Delta Corp is the stock/security that has been placed on the National Stock Exchange’s futures and options (F&O) ban for trade on Wednesday, September 7, 2022.

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All the Asian markets are trading in the red with Nikkei 225 declining 305.06 points or 1.10% to 27,321.45, Straits Times weakening 19.48 points or 0.60% to 3,204.70, Hang Seng slipped 354.37 points or 1.85% to 18,848.36, Taiwan Weighted plunged 246.70 points or 1.68% to 14,430.50, KOSPI fell 38.92 points or 1.61% to 2,371.10, Jakarta Composite lost 30.87 points or 0.43% to 7,202.29 and Shanghai Composite was down by 0.48 points or 0.01% to 3,242.97.

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The US markets had ended lower on Tuesday. The S&P 500 fell 16.07 points, or 0.4%, to 3,908.19. The Dow Jones Industrial Average fell 173.14 points, or 0.6%, to 31,145.30. The Nasdaq fell 85.96 points, or 0.7%, to 11,544.91. The Russell 2000 index of smaller companies fell 17.42 points, or 1%, to 1,792.32.

“When globally equities correct, India too will correct. But India will fall less since falling crude, decent economic growth, impressive corporate earnings and retail investor enthusiasm will support the market at lower levels,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

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On Tuesday, the Sensex fell 48.99 points, or 0.08%, to 59,196.99. The Nifty slid 10.20 points, or 0.6%, to 17,655.60.

The foreign institutional investors (FIIs) bought shares worth a net Rs 1144.53 crore, while domestic institutional investors (DIIs) purchased shares worth a net Rs 632.97 crore in the Indian equity market on September 6, as per provisional data available on the NSE. 

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Separately, Brent crude, the international oil standard, fell 1.28% to USD 91.61 per barrel. The rupee fell 11 paise to 79.93 against the dollar in early trade on Wednesday, reflecting the strength of the US currency globally.