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Markets further down on renewed rate hike fears
Markets back in green on late recovery in bank, auto stocks
Equity indices nursed losses for the second consecutive session on Tuesday as investors continued to dump IT, banking and FMCG stocks amid a bearish trend in global markets.
Mumbai: Equity indices nursed losses for the second consecutive session on Tuesday as investors continued to dump IT, banking and FMCG stocks amid a bearish trend in global markets. Unabated foreign fund outflows and the rupee dropping to another record low against the US dollar added to the woes, traders said. Participants were also in wait-and watch mode ahead of release of retail inflation and factory output data.
The 30-share BSE Sensex opened on a weak note and fell 508.62 points or 0.94 per cent to end at 53,886.61. The broader NSE Nifty declined 157.70 points or 0.97 per cent to settle at 16,058.30 points.
"Rate hike fears are back in focus in the global markets ahead of the release of CPI numbers. Inflationary pressures along with strong US jobs data would keep the Fed on the path of aggressive rate hikes. Demand concerns amid the rebound of virus cases in China compelled crude to trade lower," said Vinod Nair, head (research) at Geojit Financial Services.
Foreign institutional investors (FIIs) remained net sellers on Monday as they offloaded shares worth Rs 170.51 crore, as per exchange data.
In the broader market, the BSE smallcap and midcap indices dropped 0.52 per cent and 0.51 per cent, respectively. Among BSE sectoral indices, IT fell by 1.29 per cent, followed by teck (1.21 per cent), metal (1.16 per cent), auto (1.13 per cent), FMCG (1.03 per cent), bank (0.94 per cent), consumer discretionary goods & services (0.93 per cent) and capital goods (0.91 per cent). Telecom, utilities, power and realty ended higher.
