Mumbai: Share Market opened with a big fall on Tuesday for the second consecutive day. BSE Sensex plunges 550 points to below 73,000 level; Nifty50 below 22,150 and the Indian equity benchmark indices, opened in red on Tuesday as well taking cues from global markets as bear attack continues. As the market opens, selling is being seen all-round. Stock markets open, stocks of all sectors are open in red. Only one out of 30 shares, Airtel, is trading in the green, the shares included in Sensex.
The 30-share BSE benchmark Sensex fell 845 points or 1.14% to settle at 73,399. The broader NSE Nifty dropped 241 points or 1.07% to end at 22,273. Stocks of Twenty-seven S&P BSE Sensex got declined. Indian benchmark equity indices ended in the negative territory on Monday, following deficit in Asian markets, as investor sentiment was subdued after Iran’s retaliatory attack on Israel over the weekend triggered fears of a wider regional conflict. Meanwhile, the market capitalisation of all listed companies on BSE declined by Rs.4.94 lakh crore to Rs 394.73 lakh crore.
As foreign fund outflows, hotter-than-expected US inflation data also played spoilsport for the markets. According to analysts the renewed conflict in the Middle East, proposed changes in the India-Mauritius tax treaty together with US inflation proved to be major drags. From the Sensex basket, ICICI Bank, Wipro, Bajaj Finance, Bajaj Finserv, Larsen & Toubro, Tata Motors, Tech Mahindra and HDFC Bank were the major sluggards. Nestle, Maruti and Bharti Airtel were the gainers.
In Asian markets, Seoul, Tokyo and Hong Kong settled lower while Shanghai ended in the positive territory. European markets were trading on a mixed note. Wall Street ended significantly lower on Friday. “Geopolitical tensions and higher-than-expected US inflation impacted investor sentiment and dragged the indices to a lower note.
The major disasters were the mid- and small-cap indices due to their rich valuation and assumptions of moderation in earnings growth in Q4FY24. “On the other hand, the European market opened on a positive note while oil prices inched lower as market participants expected that the diplomatic efforts were likely to de-escalate tensions in the Middle East,” said Vinod Nair, Head of Research, Geojit Financial Services.
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