Sensex loses over 350 points, Nifty holds 16,500; IT, Auto Stocks Drag

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Sensex and Nifty, the two major equity benchmarks, opened lower on Tuesday while extending their slide in early trade amid foreign outflows and mixed trends in global markets.

As of 11:30 a.m., the BSE Sensex was down 352 points to 55,413, while the broader NSE Nifty sank 107 points to 16,523.

On the 30-stock Sensex platform, Dr Reddy’s Lab, Nestlé, Infosys, Asian Paints, HCL Technologies, TCS, Kotak Mahindra Bank and Larsen & Toubro were the biggest laggards in early trading. On the other hand, Bajaj Finserv, Tata Steel, Bajaj Finance and Reliance Industries were among the winners.

On NSE, Nifty IT fell the most by 1.2%. The automotive, banking and pharmacy pockets were other notable losers. Nifty Metal was the only outperformer, up 0.5%.

In the broader markets, Midcap and Smallcap stocks were negative as Nifty Midcap 100 slipped 0.36% and Smallcap lost 0.53%.

The overall market breadth was slightly weak as 1,164 stocks were up, while 1,264 were down on BSE.

In the previous session, Sensex was down 306 points (0.55%) to close at 55,766 on Monday, while Nifty was down 88 points (0.53%) to settle at 16,631.

In Asian markets, Tokyo was trading lower, while Shanghai, Seoul and Hong Kong were trading higher. US markets ended on a mixed note on Monday.

“Investors will likely be in a wait-and-see mode as all eyes will be on the Fed’s rate decision on July 27. Additionally, the July F&O Series expiration on Thursday will keep markets volatile,” he said. Prashanth Tapse – Research Analyst, Senior Vice President (Research), Mehta Equities Ltd.

Meanwhile, the international crude oil benchmark Brent jumped 1.39% to 106.61 a barrel.

Foreign institutional investors unloaded shares worth Rs 844.78 crore on Monday, according to exchange data.

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