Markets fall after 2-day breather tracking weak Asian markets


PTI, Jun 22, 2022, 10:54 AM IST

Representative Image (Source: Shutterstock)

Mumbai: The Sensex and Nifty started the trade on a muted note on Wednesday and slipped into the negative territory after a two-day breather, following weak trends in Asian markets.

Unabated foreign fund outflows also played spoilsport for the markets. The 30-share BSE Sensex was trading 418.07 points lower at 52,114. The NSE Nifty fell 131.1 points to 15,507.70.

From the Sensex pack, Bajaj Finserv, Tata Steel, Bajaj Finance, Axis Bank, IndusInd Bank, Tech Mahindra, and Bharti Airtel were the major laggards in early trade.

On the other hand, Dr Reddy’s Laboratories, Maruti Suzuki India, and Hindustan Unilever were the gainers.

Elsewhere in Asia, markets in Hong Kong, Seoul, Shanghai, and Tokyo were quoting lower.

The US markets recorded smart gains on Tuesday.

“Pull-back rallies can be sharp and it was sharp yesterday. The important question is — will this continue? There is no economic news, except the softness in crude, to sustain the rally. There is no reason for FIIs to change their selling strategy since the dollar continues to be strong and US bond yields are attractive and expected to rise further,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The BSE Sensex zoomed 934.23 points or 1.81 percent to settle at 52,532.07 on Tuesday. The NSE Nifty climbed 288.65 points or 1.88 percent to finish at 15,638.80.

Meanwhile, international oil benchmark Brent crude tumbled 3.20 percent to USD 110.98 per barrel.

Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 2,701.21 crore on Tuesday, as per exchange data.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Maharashtra polls: BJP rebel withdraws nomination from Udgir in support of NCP candidate

No one should be displaced over Waqf land issue in Kerala’s Munambam, says CPI

Non-performance of batters is worrying, we will strive to do something special in Australia: Rohit

K-Rail can be implemented if technical issues in design addressed, says Centre

Naxalism will be wiped out from country by March 2026: Home Minister Amit Shah

How biscuits played an unconventional yet key role in anti-terror operation in Srinagar

Koderma stone industry to be revived with Rs 500 cr special package: Shah

Related Articles More

Maruti Suzuki looks to cash in on ‘few lakh marriages’ in Nov to carry festive sales momentum

Mcap of 6 of top-10 most valued firms jump Rs 1 lakh cr; State Bank, ICICI Bank top gainers

Sensex, Nifty decline on selling in IT shares, FII sellout; end Samvat 2080 with 22% gains

Sensex, Nifty decline in early trade on unabated foreign fund outflows, selling in IT stocks

Gold surges Rs 1,000 to breach Rs 82k-mark as Diwali sparkles demand

MUST WATCH

Gho Pooja in Deepavali Festival

Melukote Deepavali

Ganapathi Co-operative Society Ltd

Udayavani Chinnara Banna 2024

Annapoorna Aahar | Food Places In Mysore


Latest Additions

Maharashtra polls: BJP rebel withdraws nomination from Udgir in support of NCP candidate

Tom Holland says he Googles partner Zendaya ‘to see if everything’s good’

No one should be displaced over Waqf land issue in Kerala’s Munambam, says CPI

India and China made ‘some progress’ in disengagement, says EAM S Jaishankar

Non-performance of batters is worrying, we will strive to do something special in Australia: Rohit

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.