The Sensex fell almost 900 points in early trade on Tuesday, mirroring losses in index heavyweights Wipro, RIL, and HDFC Bank after a negative trend in Asian markets.
Furthermore, traders stated that frenzied foreign capital outflows impacted domestic equities, even as fears about the US Federal Reserve’s likely aggressive monetary policy tightening grew.
In early trade, the BSE index was down 905.16 points, or 1.57%, at 56,586.35. Likewise, the Nifty dropped 253.80 points, or 1.48%, to 16,895.30.
Asian Paints was the Sensex pack’s biggest loss, falling 4.38%, followed by Wipro, Tech Mahindra, L&T, Reliance Industries, and HDFC Bank. On the other hand, Axis Bank, Bharti Airtel, and PowerGrid were the gainers.
The 30-share index fell 1,545.67 points, or 2.62%, to 57,491.51 in the previous session. Similarly, the NSE Nifty fell 468.05 points, or 2.66%, to 17,149.10.
In other Asian markets, bourses in Hong Kong, Seoul, Shanghai, and Tokyo were trading down in mid-session trades as geopolitical concern over the Russia-Ukraine conflict grew. In the overnight session, stock markets in the United States closed on a good note.
According to stock exchange statistics, foreign institutional investors (FIIs) continued to be net sellers in the capital market on Monday, selling shares worth Rs 3,751.58 crore.
Meanwhile, Brent crude, the international oil benchmark, increased 0.85% to USD 87.00 per barrel. In early trade, the rupee falls 4 paise to 74.64 against the US dollar.