Equity benchmark Sensex dropped more than one hundred points in opening trade on Tuesday, tracking losses in index majors Reliance Industries, ICICI Bank and Kotak Bank amid weak trend in international equities.
The 30-share BSE index was trading 112.74 points or .23 per cent reduced at 48,064.06, and the broader NSE Nifty fell 38.25 points or .27 per cent to 14,094.65.
ONGC was the major laggard in the Sensex pack, shedding about 2 per cent, followed by M&M, NTPC, Bajaj Auto, Kotak Bank, ICICI Bank and Reliance Industries.
On the other hand, Axis Bank, HDFC, TCS and HUL had been amongst the gainers.
In the preceding session, Sensex ended 307.82 points or .64 per cent greater at 48,176.80, and Nifty jumped 114.40 points or .82 per cent to its fresh lifetime higher of 14,132.90.
Foreign portfolio investors (FPIs) had been net purchasers in the capital marketplace as they bought shares worth Rs 1,843.22 crore on a net basis on Monday, according to provisional exchange information.
According to Binod Modi Head-Strategy at Reliance Securities, domestic equities are not hunting inspiring at the moment with Asian bourses trading reduced taking cues from US markets.
“US equities fell sharply mainly led by mounting concerns over potential rise in borrowing costs after the 10-Year Treasury break-even rate rose over 2 per cent yesterday and rise in COVID-19 cases along with resultant lockdowns.
“Fresh lockdown announced in Britain till at least mid-February weighed on investors’ sentiment. All eyes would be on Georgia’s run-off elections, in which two Senate seats have the possible to generate fresh volatility in the markets,” he mentioned.
Elsewhere in Asia, bourses in Shanghai, Tokyo and Hong Kong had been trading on a damaging note in mid-session bargains, whilst Seoul was in the positive terrain.
Meanwhile, the international oil benchmark, Brent crude, was trading .14 per cent reduced at USD 51.02 per barrel.