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Sensex, Nifty further down as investors cautious ahead of key data
BSE benchmark Sensex slumped over 388 points to close at 58,576.37 on Tuesday, tracking heavy losses in index-majors Tata Steel, Wipro and Reliance Industries following a broad-based selloff in global markets.
Mumbai: BSE benchmark Sensex slumped over 388 points to close at 58,576.37 on Tuesday, tracking heavy losses in index-majors Tata Steel, Wipro and Reliance Industries following a broad-based selloff in global markets. A sharp depreciation in the rupee and persistent selling by foreign investors also dented market sentiment, analysts said. Investors remained cautious ahead of crucial macroeconomic data announcements -- industrial production for February and inflation rate for March -- post trading hours.
"Hyperinflation and risk of a policy rate hike are placing the global market on its toes and are impacting the performance of equities with a rise in yield. Inflation in India is also expected to be on the higher side in Q1FY23, it is expected to subside due to a reversal of commodity prices and improvement in supply. The domestic market is also cautious in anticipation of Q4 results," Vinod Nair, said head (research) at Geojit Financial Services. Falling for the second straight session, the 30-share index declined 388.20 points or 0.66 per cent to settle at 58,576.37. During the day, the benchmark tanked 666 points or 1.12 per cent to 58,298.57. Similarly, NSE Nifty went lower by 144.65 points or 0.82 per cent to finish at 17,530.30. "Nifty closed lower for the second consecutive session on April 12 in line with other global markets. Nifty opened the gap down due to weak global cues and kept falling till it made an intraday low at 1345 Hrs. A small bounce followed and the Nifty closed 0.82 per cent or 144.7 points lower at 17,530.30," said Deepak Jasani, head (retail research), HDFC Securities.
On Monday, Sensex tanked 482.61 points or 0.81 per cent to settle at 58,964.57. The Nifty declined by 109.40 points or 0.62 per cent to finish at 17,674.95.
"The tech-heavy NASDAQ has turned distinctly weak and this has led to some profit-booking in Indian IT stocks too. But IT is likely to do well as TCS results indicate robust deal wins and order flows," according to VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
