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Markets tumble on weak global cues
Nifty will continue upward move
Sensex drops 410 pts to 59,667.60; Nifty loses 106.50 pts to 17,748.60; RIL, Kotak Bank and PowerGrid restrict losses
Mumbai: Equity benchmark Sensex tumbled by 410 points or 0.68 per cent on Tuesday due to heavy selling in IT, financials and telecom stocks in line with weak global trends as US bond yields rebounded.
After plunging over 1,032 points during the session, the 30-share BSE barometer pared some losses to end 410.28 points or 0.68 per cent lower at 59,667.60 points.
The broader NSE Nifty declined by 106.50 points or 0.60 per cent to close at 17,748.60, dragged down by Bharti Airtel and Tech Mahindra. As many 32 of Nifty constituents declined, while 18 advanced.
Bharti Airtel was the top loser in the Sensex pack, shedding nearly 4 per cent, followed by Tech Mahindra, Bajaj Finance, Bajaj Finserv, HCL Tech and Infosys. However, gains in Reliance Industries, Kotak Bank and PowerGrid restricted the losses in the index. NTPC, Sun Pharma, Titan, and Dr Reddy's were also among the gainers.
"Following negative global cues and profit-booking in IT and realty sectors, the domestic market hit rough weather, however, it witnessed a rebound towards the closing.
A rise in US bond yields and crude oil price along with the Chinese energy crisis acted as key headwinds to the ongoing rally in the global market," said Vinod Nair, Head of Research at Geojit Financial Services.
