Lagatar24 Desk
Mumbai, April 12: The Indian equity indexes dipped in early trade on Tuesday, following a global trend of weakness. Treasury yields hit a three-year high ahead of U.S. inflation statistics, which could signal even more aggressive interest rate hikes from the Federal Reserve. Asian stocks were lower.
Trends on the Singapore Exchange’s Nifty Futures (SGX Nifty) also pointed to a gap-down opening for the domestic indices.
The 30-share BSE Sensex fell 561 points, or 0.95 percent, to 58,402, while the wider NSE Nifty down 198 points, or 1.12 percent, to 17,476 at 10:25 a.m.
Mid- and small-cap stocks were trading lower, with the Nifty Midcap 100 down 0.71 percent and small-cap stocks down 0.40 percent.
The National Stock Exchange’s 15 sector indices were all trading in negative territory. Nifty Information Technology, Nifty Financial Services, and Nifty Metal all underperformed the index by 0.56 percent, 0.55 percent, and 1.17 percent, respectively.
On a stock-by-stock basis, Hindalco was the biggest loser, falling 3.06 percent to 558.70. Among the laggards were Tata Motors, Coal India, Tata Steel, and Wipro.
On the BSE, the overall market breadth was modest, with 1,141 shares increasing and 1,231 dropping.
Tata Steel, Wipro, L&T, Bajaj Finserv, M&M, Bajaj Finance, Tech Mahindra, and SBI were among the top losers on the 30-share BSE index.
Maruti, HCL Tech, TCs, and Kotak Mahindra Bank, on the other hand, were all trading in the green.
On Monday, the Sensex fell 483 points, or 0.81 percent, to close at 58,965, while the Nifty fell 109 points, or 0.62 percent, to 17,675.
