Twitter
Advertisement

Sensex falls 228 pts on inflation woes

Experts are of the view the participants were at the crossroads ahead of key macroeconomic release

Latest News
article-main
FacebookTwitterWhatsappLinkedin

Snapping its three-session winning streak, Indian stock markets languished in the red on Tuesday. Rising global oil prices ahead of the inflation numbers frayed investor nerves.

While the 30-share Sensex tumbled 227.80 points, or     0.68%, to close at 33227.99. The gauge had rallied 858.61 points in the previous three sessions. Nifty, on the other hand, ended down 82.10 points, or 0.80%, ending the session at 10240.15.

A clutch of factors like industrial production (IIP) and inflation in their sights, slated for release after market hours, weighed on sentiment.

Experts are of the view the participants were at the crossroads ahead of key macroeconomic release.

With pre-Budget talks under way, Dalal Street is also weighing the likelihood of the government levying taxes on long-term capital gains, say experts.

Realty, power and banking were in the grip of selling. Global Brent crude oil prices jumped above the $65 a barrel for the first time since 2015, which could spoil any chance of rate reduction by Reserve Bank of India, traders said.

Losses in Hindustan Petroleum Corporation Ltd, Bharat Petroleum Corporation Ltd, and Indian Oil Corporation stocks, too dragged indices. US Federal Reserve, which is scheduled to issue an interest rate policy, is expected to lift rates by 0.25% in its meeting on Wednesday.

Standing as the biggest laggard, Coal India lost 2.45%, followed by Cipla that was down 2.17% after participants took profit off the table. Other major losers were Hero MotoCorp, TCS, Tata Steel, ITC and L&T.

However, Dr Reddy’s took a different trajectory, advancing the most (2.83%) following news on receiving Establishment Inspection Report from USFDA for its Hyderabad facility. Adani Ports, ONGC, Lupin, Infosys, State Bank of India and Maruti Suzuki, too rose.

Foreign portfolio investors net-sold  shares worth Rs 185.60 crore on Monday while domestic institutional investors bought equities Rs 108.94 crore.

Find your daily dose of news & explainers in your WhatsApp. Stay updated, Stay informed-  Follow DNA on WhatsApp.
Advertisement

Live tv

Advertisement
Advertisement