Sensex drops to 59,960 while Nifty declines over 20 points in early trade

In early trade on Tuesday, the Sensex fell nearly 100 points, reflecting losses in Infosys, TCS, and HDFC Bank amid a broadly negative trend in global markets. At 59,953.56, the 30-share Sensex was down 124.32 points, or 0.21 percent. Similarly, the Nifty fell 21.40 points to 17,833.70, or 0.12 percent.

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HCL Tech led the Sensex pack with a loss of nearly 2%, followed by Infosys, Tech Mahindra, TCS, and Asian Paints. On the other side, NTPC, UltraTech Cement, PowerGrid, and SBI, were among the gainers.

The 30-share index closed the previous session 29.41 points, or 0.05 percent, higher at 60,077.88, it’s all-time closing high, and the Nifty climbed 1.90 points, or 0.01 percent, to 17,855.10.

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According to exchange statistics, foreign institutional investors (FIIs) were net sellers in the capital market on Monday, offloading shares worth Rs 594.63 crore.

“Benchmark indices outperformed global markets in recent week as favourable Federal Open Market Committee (FOMC) meeting outcome and sustained recovery in key economic indicators bolstered investors’ confidence. However, investors remain on tenterhook with regards to progress on Evergrande,” said Binod Modi Head-Strategy at Reliance Securities.

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In overnight sessions, US shares finished mainly down as selling pressure in the rate-sensitive technology sector contributed to a drop in the S&P 500 and Nasdaq.

In other Asian markets, Shanghai and Hong Kong bourses were up in mid-session transactions, while Tokyo and Seoul were down.

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Brent crude, the international benchmark for oil, climbed 0.91 percent to USD 79.44 per barrel. Rupee inches 5 paise higher to 73.78 against US dollar in early trade.