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Stock markets fall after a flat opening; Sensex falls 55 points, Nifty below 25,800
The Bonus Market Update: The Sensex and Nifty, the key stock market indices, fell in early trading on Tuesday amid continued foreign capital outflows and a weak trend in Asian markets. On Monday, the 30-share BSE Sensex jumped 39.78 points to close at 83,978.49, while the 50-share NSE Nifty gained 41.25 points to close at 25,763.35.
Indian stock markets opened flat on Tuesday. Sensex and Nifty edged lower as investors turned cautious ahead of uncertainty over the US Federal Reserve's next interest rate policy, weak second-quarter earnings, and India-US trade talks. The 30-share BSE Sensex fell 55 points to 83,923.48 in early trades. The 50-share NSE Nifty fell 40.95 points to 25,722.40.
In early trade on Tuesday, the rupee recovered from a record low after gaining 21 paise to 88.56 against the US dollar due to softening crude oil prices overseas.
The major laggards in the Sensex pack included Power Grid, Eternal, HCL Tech, Maruti, Tata Motors, and Infosys. Bharti Airtel, Titan, Reliance Industries, and Mahindra & Mahindra rose.
VK Vijayakumar, Chief Investment Strategist at Geojit Investments Ltd., said, "Resurgence of FII selling is capping the market rally. FIIs have sold equities worth ₹14,269 crore in the last four days. This indicates that they will continue to sell during bullish periods. High valuations and weak earnings growth in India are constraining FIIs, who are increasingly focusing on cheaper markets with better earnings growth."
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In Asian markets, South Korea's Kospi, Japan's Nikkei 225, and Shanghai's SSE Composite index were trading lower, while Hong Kong's Hang Seng index was trading in positive territory. US markets mostly closed with gains on Monday.
Global oil benchmark Brent crude fell 0.20 percent to $64.76 per barrel. According to exchange data, foreign institutional investors (FIIs) sold shares worth Rs 1,883.78 crore on Monday. However, domestic institutional investors (DIIs) bought shares worth Rs 3,516.36 crore in the previous trade. The Sensex closed at 83,978.49, up 39.78 points or 0.05 percent. The Nifty closed at 25,763.35, up 41.25 points or 0.16 percent.
