Sensex down 468 pts intraday, Nifty below 17,600 amid broad-based selling

Bears kept a grip on the market with benchmark indices trading lower during the afternoon on Tuesday.

Market opened on a negative note, tracking weak global cues. Indices extended losses in the first half and were trading lower amid broad-based selling.

At 1 pm, the BSE Sensex was trading at 58,496.68, down 467.89 points or 0.79 per cent. It recorded an intraday high of 58,743.50 and a low of 58,338.13. The Nifty 50 was trading at 17,509.55, down 165.40 points or 0.94 per cent. It recorded an intraday high of 17,594.40 and a low of 17,462.30.

Kotak Bank, Axis Bank, TCS, Shree Cement and Maruti were the top gainers on the Nifty 50 while Hindalco, Coal India, Tata Steel, Tata Motors and JSW Steel were the top losers.

Rising bond yields, inflation concerns and increasing Covid-19 cases in some parts of the world have impacted investor sentiments. Investors will be focusing on earnings for the quarter ended March.

Dr VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “Market will continue to be choppy in the near term, pulled up and down by positive and negative news. The near-term headwind continues to be the rising US bond yields which has crossed 2.8 percent for the 10-year, and outflows from equity. ”

All in red

On the sectoral front, all indices were in the red. Metals, PSU Bank, realty, auto, oil & gas and IT faced increased pressure.

Nifty Metal was down over 3 per cent while Nifty Realty was down nearly 3 per cent. Nifty Oil & Gas was down nearly 2 per cent while Nifty PSU Bank was trading 1.56 per cent lower. Nifty Auto and Nifty IT were down over 1 per cent each.

Broader indices

Broader market also faced pressure with broader indices trading in the red.

Nifty Midcap 50 was down 1.80 per cent while Nifty Smallcap 50 was down 1.29 per cent. The S&P BSE Midcap was down 1.5 per cent while the S&P BSE Smallcap was down 1.39 per cent.

The volatility index softened 0.93 per cent to 18.10.

Published on

April 12, 2022

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