Sensex fell over 500 points, Nifty 15,700. below from
Benchmark indices on Wednesday started trading on a weak note with the Sensex down 564.77 points following a weak global market trend and frequent foreign capital outflows.
The 30-share BSE Sensex was trading at 52,612.68, down 564.77 points. NSE Nifty closed 162.4 points lower at 15,687.80.
In the Sensex pack, IndusInd Bank, Hindustan Unilever, Bajaj Finserv, Titan, Kotak Mahindra Bank and Bajaj Finance were the major laggards in early trade. Only Sun Pharma and Bharti Airtel benefited.
Elsewhere in Asia, markets in Tokyo, Shanghai, Seoul and Hong Kong were trading lower in mid-session deals. On Tuesday, the US markets also closed with a fall.
Meanwhile, international oil benchmark Brent crude fell 0.95 per cent to $116.86 per barrel.
VK Vijayakumar, Chief Investment Strategist said, “The sharp fall seen last Friday in the US has lost steam and the markets have turned weak again. The fall in commodity prices last week has not sustained and Brent crude is above $117 USD. Is.” Geojit Financial Services.
There is no consensus on whether or not the US economy will go into recession, he said, but there are clear signs of the economy slowing.
“In this context, the market may remain volatile due to conflicting signals,” Vijayakumar said.
On Tuesday, the Sensex closed 16.17 points or 0.03 per cent higher at 53,177.45, rising for the fourth consecutive session. The NSE Nifty closed at 15,850.20, up 18.15 points or 0.11 per cent.
Foreign institutional investors (FIIs) remained net sellers in the capital market as they sold shares worth Rs 1,244.44 crore on Tuesday, according to exchange data.