Sensex plunges 709 points dragged by metal, IT shares; Nifty ends at 16,663 - Times of India

Sensex plunges 709 points dragged by metal, IT shares; Nifty ends at 16,663 – Times of India

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NEW DELHI: Equity indices snapped their 5-day winning run on Tuesday with the benchmark BSE sensex falling over 700 points dragged by losses in metal and IT stocks amid weak global cues.
The 30-share BSE index plunged 709 points or 1.26 per cent to close at 55,777; while the broader NSE Nifty settled 208 points or 1.23 per cent lower at 16,663.
Tata Steel, Kotak Bank, Tech Mahindra, Infosys, Reliance and HCL Tech were the top losers in the sensex pack falling as much as 4.89 per cent.
Whereas, M&M, Maruti, Nestle India, Asian Paints and Titan were the top gainers rising up to 2.31 per cent.
On the NSE platform, sub-indices Nifty Metal, IT, Media and Oil & Gas fell as much as 4.07 per cent.
Investors turned cautious ahead of US Federal Reserve’s policy meeting on Wednesday.
“The world equity market lost its momentum as new financial and trade sanctions were imposed on Russia along with the suspension of gas imports. It is a setback for the market sentiment, which was improving in anticipation of a truce in war. The Indian market was outperforming due to ease in commodity prices.
“World markets are also lower ahead of the US Fed meeting,” Vinod Nair, head of research at Geojit Financial Services told news agency PTI.
Bourses in Hong Kong and Shanghai settled sharply lower amid concerns over fresh virus lockdowns. Tokyo was marginally higher.
Data released by government on Monday had showed retail inflation inched up to 6.07 per cent in February, above the central bank’s 2-6 per cent target for a second straight month, with the rise mainly being due to food prices.
But, a continued slide in oil prices has helped allay concerns over future inflation readings, as India is the world’s third biggest oil importer and consumer.
“Obviously, crude at $100 is much better (for the country) than at $130,” Aishvarya Dadheech, a fund manager at Ambit Asset Management told news agency Reuters.
Meanwhile, foreign institutional investors (FIIs) continued their selling spree in Indian markets as they offloaded shares worth Rs 176.52 crore on a net basis on Monday, according to exchange data.
(With inputs from agencies)



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