Market declines in early trade due to weakness in Asian stocks

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Equity benchmark indices fell in early trade on Nov 16 amid a weak trend in other Asian countries Market, After a weak opening, the 30-share BSE Sensex fell 164.36 points to 61,708.63 in early trade. The broader NSE Nifty fell 44.4 points to 18,359.

From the Sensex pack, Tata Steel, Hindustan Unilever, Bajaj Finance, Power Grid, Bajaj Finserv and Asian Paints were the major laggards. Dr Reddy’s, Maruti, Tata Consultancy Services and UltraTech Cement were among the winners in early trade.

In other markets of Asia, the markets of Seoul, Tokyo, Shanghai and Hong Kong were trading with a decline. Wall Street closed in positive territory on November 15.

“While market undertaking remains cautious of intra-day volatility, cooling US inflationSluggish crude oil prices, expectations of a slower pace of rate hike by the US Fed and easing of coronavirus restrictions by China could further boost investor confidence,” said Prashant Tapase, Research Analyst, Senior VP (Research), Mehta Equities Ltd. said.

On Tuesday, the BSE benchmark climbed 248.84 points or 0.40% to close at 61,872.99, its all-time high. The Nifty closed at 18,403.40, up 74.25 points or 0.41%.

International oil benchmark Brent crude was trading 0.25% lower at $93.63 per barrel. Foreign institutional investors (FIIs) sold shares worth Rs 221.32 crore on Tuesday, according to exchange data.