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Sensex, Nifty tumble on negative global cues
Surge in crude oil, US bond yields puts pressure on stocks; Global equities sink on rate hike worries
Mumbai: Benchmark stock indices Sensex and Nifty plunged by around one per cent on Tuesday due to sharp losses in auto, metal, and realty stocks amid a global rout in equities triggered by rising US bond yields and a spike in crude oil.
The 30-share index slumped by 554.05 points or 0.90 per cent to end at 60,754.86 with 23 of its constituents ending in the red. The broader NSE Nifty fell by 195.05 points or 1.07 per cent to 18,113.05. As many 43 Nifty stocks closed with losses while six advanced.
"A surge in oil prices and FIIs turning net sellers added volatility in the domestic market. Globally, markets witnessed selling pressure following a surge in US treasury yield amid rate hike worries while oil prices rose on supply tension owing to the drone attack on UAE," said Vinod Nair, head (research) at Geojit Financial Services.
Deepak Jasani, head (retail research), HDFC Securities, adds: "Nifty closed below the lows of the previous four sessions. Weak global cues resulted in this weakness even as traders opted to take profits after a dream uprun in mid and small-caps. Asia's share markets turned negative on Tuesday as two-year US Treasury yields topped one per cent for the first time in almost two years. European markets opened lower with technology underperforming amid concerns about faster tightening from the Fed and rising yields."
"Markets took a break from the recent upsurge as bears took control after weak Asian and European cues prompted investors to book profit. As a result, the Nifty has formed a long bearish candle which suggests further weakness from the current levels. It has also formed a lower top formation, indicating continuation of weakness in the near future," said Shrikant Chouhan, head (equity research-retail), Kotak Securities Ltd.
Foreign institutional investors (FIIs) were net sellers in the capital market, as they sold shares worth Rs 855.47 crore on Monday, according to stock exchange data.
Maruti was the top loser in the Sensex pack, shedding over 4 per cent, followed by Tech Mahindra, HCL Tech, Tata Steel, IndusInd Bank and L&T.
On the other hand, Axis Bank, HDFC Bank, ICICI Bank, Kotak Bank Dr Reddy's, Titan and Nestle India were the gainers.
BSE Midcap index fell 2.2 per cent while Smallcap index fell 1.9 per cent. Sectorally, Basic Materials, Telecom, Auto, Realty and Metal indices fell up to 2.76 per cent.