Stock markets update: Equity benchmark indices declined in early trade Tuesday amid weak trends in Asian markets and unabated foreign fund outflows. In the early trade, the 30-share BSE Sensex fell 406.60 points to 77,841.53 in early trade. Meanwhile, the Nifty also declined 99.50 points to 23,545.40 points.
Key stock movements
On the 30-stock BSE Sensex, 10 stocks were trading in green, while 20 declined. Zomato led the losses, down 2.17%, followed by Tech Mahindra, HCLTech, Infosys, and TCS. On the upside, SBI gained 0.51%, supported by Nestle India, Asian Paints, Adani Ports & SEZ, and Hindustan Unilever.
On the Nifty50, 21 stocks gained, while 29 declined. ONGC topped the gainers' list, up by 1.29%, followed by BEL, Coal India, SBI, and Kotak Mahindra Bank. Losses were led by Tech Mahindra, down 1.94%, followed by Infosys, TCS, HCLTech, and Adani Enterprises.
Sectoral performance
Among sectors, the IT index saw the steepest decline, slipping 2.13%, followed by the Realty index, which was down 1.05%. Other sectoral laggards included Nifty Bank, Financial Services, Consumer Durables, FMCG, and Auto indices. Meanwhile, Pharma, PSU Bank, Metal, Healthcare, and Oil & Gas indices showed resilience, trading in positive territory.
Rupee against dollar
Meanwhile, the rupee dropped 9 paise to 85.61 against the US dollar in early trade on Tuesday, weighed down by significant strengthening of the American currency in the overseas market and a muted trend in domestic equities. Forex traders said the rupee has been under continued pressure amid the Federal Reserve's cautious stance and the "Trump factor" driving up the dollar index (DXY) and US 10-year yields.
Additionally, on the domestic front, slowing growth, widening trade deficit, and persistent foreign fund outflows have further fueled the rupee's depreciation. At the interbank foreign exchange, the rupee opened on a weak note at 85.54 then fell further to 85.61 against the American currency, registering a fall of 9 paise over its previous close, on month-end dollar demand from importers and oil marketing companies.
(With PTI inputs)
ALSO READ: RBI expresses optimism about Indian economy, gross NPA at 12-year low, GDP to grow at 6.6 per cent
