Sensex falls over 200 points, Nifty dips by 70 points in early trade

The Sensex and Nifty dipped in early trade on Tuesday, ending a four-day run in the midst of a worldwide market downturn.

In early trade, the Sensex fell 205.04 points to 57,910.46. The Nifty fell 71.85 points to 17,268.20.

Also Read| NSE F&O Ban: No stock has been put under ban on Tuesday, August 2, 2022

Tata Steel, UltraTech Cement, ICICI Bank, Tech Mahindra, HDFC, and Axis Bank were the worst laggards in early trade among Sensex components.

Asian Paints, ITC, Hindustan Unilever, Reliance Industries, IndusInd Bank, and State Bank of India, on the other hand, benefited.

Also Read| FII DII data: FPI bought shares worth Rs 2320 crore on Monday, August 1, 2022

Markets in Seoul, Shanghai, Tokyo, and Hong Kong were trading down in Asia. On Monday, the US markets finished lower.

On Monday, the Sensex rose 545.25 points, or 0.95%, to 58,115.50. The Nifty rose 181.80 points, or 1.06%, to 17,340.05.

Also Read| Bulk Deals: Ved Prakash sold DCM shares, Smallcap bought stake in MASTEK

According to exchange statistics, foreign institutional investors continued to be net purchasers in the capital markets on Monday, purchasing shares worth Rs 2,320.61 crore.

Also Read| Trending Stocks: Zomato, Eveready, ITC, Pfizer and others in news today

“Markets are likely to take a breather and see a gap down opening, tracking weakness in other Asian indices and overnight fall in US gauges. However, there is a possibility that the market could edge higher as the trading progresses on some positive catalysts like the US treasury yields falling in the overnight trades, robust July GST collections, and foreign investors continuing to take exposure to local equities over the past few weeks,” said Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities Limited.

Also Read| Stocks to watch on Tuesday, August 2, 2022

Separately, Brent crude, the international oil benchmark, fell 0.73% to USD 99.25 a barrel. In early trade on Tuesday, the rupee rose 12 paise to 78.94 against the US dollar, backed by foreign money inflows and a weak greenback against major competitors overseas.