Despite a generally favorable trend in global markets, the Sensex lost more than 100 points in early trade on Tuesday, mirroring losses in index mainstays Reliance Industries, HDFC twins, and Kotak Bank.

In early trade, the 30-share index was down 122.35 points, or 0.20%, at 60,596.36. Likewise, the Nifty dropped 45.45 points, or 0.25%, to 18,064.

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HDFC was the Sensex pack’s biggest loss, losing more than 1%, followed by Kotak Bank, Asian Paints, Kotak Bank, Reliance Industries, and PowerGrid. On the other hand, Tata Steel, M&M, Bajaj Finserv, Maruti, Nestle India, and Tech Mahindra were among the gainers.

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The Sensex closed 32.02 points or 0.05%, higher in the previous session at 60,718.71. The Nifty climbed 6.70 points, or 0.04%, to 18,109.45.

According to exchange statistics, foreign institutional investors (FIIs) were net purchasers in the capital market on Monday, purchasing shares worth Rs 424.74 crore.

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“The fact that US and European markets have shrugged off the high US inflation rate of 6.2 percent is very significant, and this is likely to impart resilience to global equity markets in the short term, even as there is concern about elevated stock valuations,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

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Back in India, the Reserve Bank of India (RBI) has once again warned that stock values in India are substantially higher as measured by standard valuation metrics. However, the central bank is confident about the Indian economy’s revival, he said.

In other Asian markets, bourses in Shanghai, Hong Kong, Tokyo, and Seoul were trading higher in mid-session trades. In the overnight session, stock markets in the United States closed modestly down.

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Meanwhile, Brent crude, the international oil standard, increased 0.89% to USD 82.78 per barrel. In early trade on Tuesday, the Indian rupee fell 7 paise to 74.53 against the US dollar.