From the Sensex pack, Axis Bank, Infosys, SBI, Wipro and JSW Steel closed lower, while Tata Motors, IndusInd Bank, HCL Tech, and Nestle ended with gains
High-weightage banks, and oil & gas lost 1% each, while metals, consumer durables and media stocks shed 1.5-2%. The market capitalisation of all listed companies on the BSE declined by Rs 3.8 lakh crore to Rs 316.06 lakh crore
From the Sensex pack, Axis Bank and SBI were the top laggards, declining 4.7% and 2.9%, respectively. IndusInd Bank, NTPC, UltraTech Cement, and Bajaj Finserv also ended lower. On the other hand, Nestle, HUL, HDFC Bank, TCS, and Infosys closed higher
Indian equity indices opened lower on Tuesday due to concerns about US interest rates and persistent selling by foreign institutional investors (FIIs). The sustained FII selling, rising dollar index, and US bond yields are major headwinds for the market, according to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. On the positive side, the recent decline in Brent crude prices could encourage buying.
Nifty IT index fell 0.54% on fears of a delayed demand recovery in the US due to higher interest rates. Mphasis, Coforge, Tech Mahindra and Infosys were the top losers. Nifty Bank also declined 0.32%, dragged by Bank of Baroda, PNB and Indian Bank