Sensex loses 567 points in early trade, tracking weak Asian markets

MUMBAI(MAHARASHTRA): Domestic equity markets declined in early trade on Tuesday, tracking weak Asian markets. BSE IT index suffered losses in the morning trade as it went down 233 points to 28,399 level.

The 30-share BSE Sensex lost 567 points to 61,238.50 while broad-based Nifty 50 went up 193 points to 18,227.35 at 9.39 am on Tuesday. Some of the most active stocks which gained on BSE were Inox Wind which was up 7.30 per cent, Shipping Corporation which was up 5.83 per cent, JK Paper which was up 3.11 per cent and PSP Project which gained 3.40 per cent in early trade on Tuesday.

Some of the laggards were Bajaj Hind, UCO Bank, Dhampur Sugar, Dalmia Sugars and Deepak Fertilisers on BSE. Among the stocks on NSE, Adani Enterprises, Axis Bank, SBI and Ultra Cement were the gainers whereas Hindalco, Eicher Motor, Tech Mahindra, Tata Steel and JSW Steel were the laggards on NSE. In Asian markets, Japan's Nikkei was up 83 points in early trade of Tuesday. Hong Kong's Hang Seng was trading 303 points down while China's Shanghai SE declined 18 points in early trade.

In European markets, FTSE gained 29 points, Deutsche Borse was up 49 points while Refinitiv Europe was up 0.23 points in the early trade on Tuesday. In the US, Down Jones was down 162 points, Nasdaq declined 159 points while S and P was down 34 points. On Monday, domestic stock markets settled with decent gains. The Nifty 50 index opened at 18,288.10 and marched higher as the session progressed to settle above the 18,400 level.

On Monday, S&P BSE Sensex advanced 468.38 points or 0.76 per cent to 61,806.19. The Nifty 50 index added 151.45 points or 0.83 per cent to 18,420.45. Both the indices dropped 2 per cent in two trading sessions. On Monday, shares of Adani Enterprises were up 2.57 per cent, HDFC (up 1.64 per cent) and Reliance Industries (up 1.36 per cent) pushed the indices higher. TCS (down 1.13 per cent), Infosys (down 0.97 per cent) and Tata Motors (down 0.8 per cent) were major drags.

The market breadth was positive. On the BSE, 2,117 shares rose and 1,501 shares fell. A total of 163 shares were unchanged. Meanwhile, the NSE's India VIX, a gauge of market's expectation of volatility over the near term, slipped 3.67 per cent to 13.55. Oil prices rose on Monday, as optimism around China relaxing its Covid curbs outweighed fears of a global recession, creating pressure on energy demand.

The rupee gained 6 paise to settle at 82.69 (provisional) against the US dollar on Monday as robust-buying in the domestic equities and a weak American currency boosted investor sentiments. At the interbank forex market, the local unit opened weak at 82.80 against the greenback and witnessed an intra-day high of 82.57 and a low of 82.80.

The local currency finally ended at 82.69 against greenback, registering a rise of 6 paise over its previous close of 82.75. Shares in Europe rose across the board while Asian stocks tumbled on Monday. US stocks dropped for a third straight session on Friday as fears continued to mount that the Federal Reserve's campaign to arrest inflation would tilt the economy into a recession.

Marathon Nextgen Realty surged 13.29 per cent. The Mumbai-based real estate developer said it has sold commercial space worth over Rs 400 crore this year alone at its flagship commercial project in Lower Parel -- Marathon Futurex.

Central Depository Services (CDSL) (India) recently acquired an office space measuring over 46,000 sq ft carpet area on the 34th and 35th floors of the tower for Rs 163.16 crore. On Monday, Dr. Reddy's Laboratories rose 2.06 per cent after the pharmaceutical company said that its tocilizumab biosimilar candidate, DRL_TC, has met its primary and secondary endpoints in a Phase I study. Glenmark Pharmaceuticals shed 0.13 per cent on Monday.

The pharmaceutical firm said that it received final approval by the US Food and Drug Administration (US FDA) for Nicardipine Hydrochloride Capsules, 20 mg and 30 mg. KEC International fell 0.19 per cent on Monday.

The company said it has secured new orders of Rs 1,313 crore across its various businesses. The company's transmission and distribution (T and D) business secured orders for T and D projects in India, East Asia Pacific and SAARC.