Sensex sheds 567 points in early trade, tracking weak Asian markets | Jobs Vox


Domestic stock markets fell in early trade on Tuesday, following weak Asian markets.

The IT index of the Belgrade Stock Exchange suffered losses in the morning trade as it fell by 233 points to the level of 28,399. The 30-share BSE Sensex lost 567 points to 61,238.50 while the Nifty 50 rose 193 points to 18,227.35 at 9.39 am on Tuesday.

Some of the top gainers on the BSE were Inok Wind which gained 7.30 percent, Shipping Corporation which gained 5.83 percent, JK Paper which gained 3.11 percent and PSP Project which gained 3.40 percent in early trading on Tuesday. Some of the laggards include Bajaj Hind, UCO Bank, Dhampur Sugar, Dalmia Sugars and Deepak Fertilizers on the BSE.

Among the stocks on the NSE, Adani Enterprises, Akis Bank, SBI and Ultra Cement were up, while Hindalco, Eicher Motor, Tech Mahindra, Tata Steel and JSV Steel were the laggards on the NSE.

In Asian markets, Japan’s Nikkei rose 83 points in early trade on Tuesday. Hong Kong’s Hang Seng traded 303 points lower, while China’s Shanghai SE fell 18 points in early trade.

In European markets, the FTSE gained 29 points, Deutsche Borse rose 49 points, while Refinitiv Europe was up 0.23 points in early trade on Tuesday.
In the US, the Down Jones fell by 162 points, the Nasdaq fell by 159 points, while the S and P fell by 34 points.

On Monday, domestic stock markets had a decent growth. The Nifty 50 opened at 18,288.10 and moved higher as the session progressed to settle above the 18,400 level.

The S&P BSE Sensex advanced 468.38 points or 0.76 percent to 61,806.19 points on Monday. The Nifty 50 index added 151.45 points or 0.83 percent to 18,420.45. Both indexes fell 2 percent in two trading sessions.

On Monday, shares of Adani Enterprises rose 2.57 percent, HDFC (up 1.64 percent) and Reliance Industries (up 1.36 percent) led the indices. TCS (down 1.13 percent), Infosys (down 0.97 percent) and Tata Motors (down 0.8 percent) were the main drags.

Market breadth was positive. On the Belgrade Stock Exchange, 2,117 shares rose, and 1,501 shares fell. A total of 163 shares were unchanged.

Meanwhile, the NSE India VIX, a gauge of market expectations of near-term volatility, slipped 3.67 percent to 13.55.

Oil prices rose on Monday as optimism about China easing its anti-Covid measures outweighed fears of a global recession, putting pressure on energy demand.
The rupee gained 6 paise to settle at 82.69 (provisional) against the US dollar on Monday as strong buying in domestic equities and a weak US currency boosted investor sentiment.

In the interbank foreign exchange market, the local unit opened weak at 82.80 against the dollar and recorded a daily high of 82.57 and a low of 82.80. The local currency finally closed at 82.69 against the dollar, up 6 paise from its previous close of 82.75.

European stocks rose across the world, while Asian stocks fell on Monday. US stocks fell for a third straight session on Friday as fears continued to mount that the Federal Reserve’s campaign to stem inflation would push the economy into recession.

Marathon Nextgen Realty rose 13.29 percent. The Mumbai-based realty company said it has sold commercial space worth over Rs 400 crore this year alone under its flagship commercial project in Lower Parel — Marathon Futurek. Central Depository Services (CDSL) (India) recently acquired over 46,000 square feet of office space on the 34th and 35th floors of the tower for Rs 163.16 crore.

On Monday, the laboratories of Dr. Reddy’s rose 2.06 percent after the drug company said its tocilizumab biosimilar candidate, DRL_TC, met its primary and secondary endpoints in a phase 1 study.

Glenmark Pharmaceuticals fell 0.13 percent on Monday. The pharmaceutical company announced that it has received final approval from the US Food and Drug Administration (US FDA) for nicardipine hydrochloride capsules, 20 mg and 30 mg.

KEC International fell 0.19 percent on Monday. The company said it has secured new orders worth Rs 1,313 crore in various businesses. The company’s Transmission and Distribution (T and D) business has secured orders for T and D projects in India, East Asia Pacific and SAARC.


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