Markets are hard hitting negative global trends; fall on the 3rd day

Markets are hard hitting negative global trends;  fall on the 3rd day
Benchmark stock indexes fell sharply on Tuesday Sensex a decrease of almost 844 points in line with weak trends in world markets and the outflow of foreign funds.

The 30-share BSE benchmark fell 843.79 points or 1.46 percent to settle at 57,147.32. It was down 940.71 points, or 1.62 percent, at 57,050.40 during the day.

The broader NSE Nifty fell 257.45 points, or 1.49 percent, to end at 16,983.55.

In the 30-share Sensex pack, the major laggards were IndusInd Bank, Nestle India, Tata Steel, Tech Mahindra, Infosys, Dr. Reddy’s, Titan and Reliance Industries.

On the other hand, Axis Bank and Asian Paints posted gains.

Elsewhere in Asia, markets in Seoul, Tokyo and Hong Kong ended lower, while Shanghai settled in the green.

Stocks in Europe traded in negative territory in mid-session trades. US markets ended lower on Monday.

“Investors are becoming risk-averse due to rising geopolitical turbulence as well as fears of a global economic downturn. Investor caution ahead of the inflation data announcement prevented a better-than-expected start in IT earnings from boosting market sentiment,” said Vinod Nair, head of research at Geojit Financial Services.

However, compared to global peers, domestic sales are not as aggressive as FII sales are primarily absorbed by DIIs, Nair added.

Meanwhile, international benchmark Brent crude futures fell 2.59 percent to $93.70 a barrel.

Foreign institutional investors on Monday offloaded shares worth a net Rs 2,139.02 crore, according to data available with the BSE.

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