Sensex falls 407 factors in early commerce; Nifty checks 16,500 stage

Benchmark indices declined on Tuesday after a three-day rally, with the Sensex falling 407 factors in early commerce, primarily dragged down by promoting in index majors Infosys, TCS and HDFC.

The 30-share BSE Sensex was buying and selling 406.66 factors decrease at 55,519.08. The broader NSE Nifty declined 119.4 factors to 16,542.

From the Sensex pack, Titan, Infosys, HDFC, HCL Technologies, Hindustan Unilever, TCS, Sun Pharma, RIL and Kotak Mahindra Bank had been the main laggards.

In distinction, M&M, Tata Steel, Power Grid, Maruti Suzuki and NTPC had been the gainers.

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Elsewhere in Asia, markets in Seoul, Shanghai, Hong Kong and Tokyo had been quoting with positive factors.

Stock markets within the US had been closed for a vacation on Monday.

The Sensex rallied 1,041.08 factors or 1.90 per cent to settle at 55,925.74 on Monday. The Nifty jumped 308.95 factors or 1.89 per cent to shut at 16,661.40.

Meanwhile, worldwide oil benchmark Brent crude jumped 0.91 per cent to USD 122.78 per barrel.

Foreign institutional buyers turned web patrons as they purchased shares value Rs 502.08 crore on Monday, as per inventory alternate knowledge.

“The dominant issue figuring out the market path, going ahead, can be the development within the US market, which, in flip, can be decided by the inflation within the US and the Fed’s response to it.

“A major headwind for the Indian economy and markets is crude spiking above USD 120 on EU sanctions on Russian oil,” stated V Okay Vijayakumar, Chief Investment Strategist at Geojit Financial Services.