Stock benchmarks got off to a strong start on Tuesday, with the Sensex rising more than 132 points, but the gains were quickly erased due to turbulent trading.
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The Sensex started higher and rose 132.18 points to 54,420.79. The NSE Nifty rose 41.15 points to 16,255.85. Both benchmark indexes, however, eventually experienced volatility and were quoted in red. The Sensex fell 91.51 points to 54,197.10 points, while the Nifty fell 50.20 points to 16,164.50 points.
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M&M, IndusInd Bank, Tata Steel, Power Grid, and Axis Bank were among the biggest gainers in early trades on the Sensex. Hindustan Unilever, Bharti Airtel, Titan, and TCS, on the other hand, were among the laggards.
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Hong Kong, Shanghai, Seoul, and Tokyo were all trading down in Asia. On Monday, stock markets in the United States finished higher.
“Asian stocks fluctuated whereas Wall Street closed with strong gains amid a rally in bank stocks,” Mohit Nigam, Head – PMS, Hem Securities, said.
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On Monday, the BSE benchmark fell 37.78 points, or 0.07%, to 54,288.61. The NSE Nifty dropped 51.45 points, or 0.32%, to 16,214.70.
According to stock exchange statistics, foreign institutional investors sold shares worth Rs 1,951.17 crore on Monday, continuing their selling frenzy.
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“There is no distinct trend in this whipsaw market. Daily trading for the near-term is fraught with high risk,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.
Brent crude, the international oil standard, fell 0.48% to USD 112.93 per barrel. The rupee opened flat against the US dollar on Tuesday, owing to a lacklustre trend in domestic stock markets and continued foreign capital outflows. In early trade, the rupee is nearly unchanged at 77.56 against the US dollar.
