Sensex tanks over 700 pts in early trade Nifty tests 17300
Mumbai Nov 23 PTI Equity benchmark Sensex plunged over 700 points in early trade on Tuesday tracking losses in index majors Infosys ICICI Bank and Reliance Industries amid persistent foreign fund outflows After touching a low of 5771834 in the opening session the 30-share index pared some losses to trade 26420 points or 045 per cent lower at 5820169 Similarly the Nifty was trading 8905 points or 051 per cent down at 1732750 It touched a low of 1721610 in initial deals Infosys the top loser in the Sensex pack shed around 2 per cent followed by ICICI Bank HUL Bajaj Auto Reliance Industries and TCS On the other hand Tata Steel PowerGrid Bajaj Finance and ITC were among the gainers In the previous session Sensex ended 117012 points or 196 per cent lower at 5846589 and Nifty fell 34825 points or 196 per cent to 1741655 Foreign institutional investors FIIs were net sellers in the capital market as they offloaded shares worth Rs 343876 crore on Monday as per exchange data The market heavyweight RIL re-evaluating the Aramco deal Paytms disastrous listing resurgence of COVID in parts of Europe RBIs warning of stretched valuations foreign brokerages downgrading India and the roll back of farm laws created the perfect storm that spooked the market said VK Vijayakumar Chief investment Strategist at Geojit Financial Services This is a much needed correction which will make the market healthy he said adding that Paytms fiasco is a reality check on the froth in the primary market and will restrain the irrationally exuberant newbie investors While Nifty has corrected 64 per cent from the peak Nifty Bank has corrected 124 per cent from the peak indicating weakness in the banking sector even though valuations are not stretched in banking Sustained selling by FIIs will continue to be a negative sentiment in the market The retail investor response to the correction should be watched he stated Elsewhere in Asia bourses in Hong Kong and Seoul were trading with losses in mid-session deals while Shanghai and Tokyo were positive Stock exchanges in the US largely ended in the red in the overnight session Meanwhile international oil benchmark Brent crude fell 045 per cent to USD 7934 per barrel PTI ANS DRR DRR
Mumbai Nov 23 PTI Equity benchmark Sensex plunged over 700 points in early trade on Tuesday tracking losses in index majors Infosys ICICI Bank and Reliance Industries amid persistent foreign fund outflows After touching a low of 5771834 in the opening session the 30-share index pared some losses to trade 26420 points or 045 per cent lower at 5820169 Similarly the Nifty was trading 8905 points or 051 per cent down at 1732750 It touched a low of 1721610 in initial deals Infosys the top loser in the Sensex pack shed around 2 per cent followed by ICICI Bank HUL Bajaj Auto Reliance Industries and TCS On the other hand Tata Steel PowerGrid Bajaj Finance and ITC were among the gainers In the previous session Sensex ended 117012 points or 196 per cent lower at 5846589 and Nifty fell 34825 points or 196 per cent to 1741655 Foreign institutional investors FIIs were net sellers in the capital market as they offloaded shares worth Rs 343876 crore on Monday as per exchange data The market heavyweight RIL re-evaluating the Aramco deal Paytms disastrous listing resurgence of COVID in parts of Europe RBIs warning of stretched valuations foreign brokerages downgrading India and the roll back of farm laws created the perfect storm that spooked the market said VK Vijayakumar Chief investment Strategist at Geojit Financial Services This is a much needed correction which will make the market healthy he said adding that Paytms fiasco is a reality check on the froth in the primary market and will restrain the irrationally exuberant newbie investors While Nifty has corrected 64 per cent from the peak Nifty Bank has corrected 124 per cent from the peak indicating weakness in the banking sector even though valuations are not stretched in banking Sustained selling by FIIs will continue to be a negative sentiment in the market The retail investor response to the correction should be watched he stated Elsewhere in Asia bourses in Hong Kong and Seoul were trading with losses in mid-session deals while Shanghai and Tokyo were positive Stock exchanges in the US largely ended in the red in the overnight session Meanwhile international oil benchmark Brent crude fell 045 per cent to USD 7934 per barrel PTI ANS DRR DRR
