Sensex declines over 30 points while Nifty drops below 17,950 in early trade

The Sensex and Nifty began on a shaky note on Tuesday, mirroring losses in index heavyweights Infosys, ICICI Bank, and HCL Tech amid a worldwide market downturn. The 30-share Sensex was trading 34.62 points, or 0.06 percent, down at 60,101.16 after fluctuating over 200 points in the opening session. Likewise, the Nifty fell 2.45 points, or 0.01 percent, to 17,943.50.

Also Read| Zostel requests Sebi to reject Oyo’s Rs 8000 crore worth IPO

HCL Tech was the Sensex pack’s biggest loss, down more than 2%, followed by M&M, Infosys, Tech Mahindra, ICICI Bank, Bajaj Finance, and IndusInd Bank. On the other side, Bajaj Auto, Titan, Dr. Reddy’s, SBI, and ITC were among the gainers.

Also Read| NSE F&O Ban: BHEL, IRCTC, PNB, BOB and others under ban today

The 30-share index finished 76.72 points, or 0.13 percent, higher at 60,135.78, while the Nifty climbed 50.75 points, or 0.28 percent, to its all-time closing high of 17,945.95 in the previous session.

According to exchange statistics, foreign institutional investors (FIIs) were net sellers in the capital market on Monday, offloading shares worth Rs 1,303.22 crore.

Also Read| Trending Stocks: Tata, Zee, HFCL, PI and others in news today

According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the market’s resiliency in general, and the wider market’s momentum in particular, can be explained by just one factor: the enthusiasm and domination of novice retail investors. He highlighted that institutional selling is easily absorbed by individual investors who are unconcerned about values.

Also Read| MobiKwik gets approval of Sebi to launch Rs 1900 crores IPO

In other Asian markets, bourses in Shanghai, Hong Kong, Tokyo, and Seoul were trading down in mid-session trades. In the overnight session, stock markets in the United States also finished on a negative note.

Meanwhile, the international oil benchmark Brent crude declined 0.07 percent to USD 83.59 a barrel. In early trade, the rupee falls 6 paise to 75.42 versus the US dollar.