Unabated foreign capital outflows and selling in index majors Infosys and Bajaj Finance also played spoilsports, traders say.
Unabated foreign capital outflows and selling in index majors Infosys and Bajaj Finance also played spoilsports, traders say.
Stock markets fell on Wednesday, April 27, 2022 after a strong rebound in previous trade, with the Sensex falling 496 points in early trade, trailing weak global trends.
Unabated foreign fund outflows and selling in index majors Infosys and Bajaj Finance also played spoilsports.
“The roller coaster ride on the markets will continue in the short term. With the sell-off of 3.95 percent yesterday (Tuesday), Nasdaq is now 23 percent below its record highs and can therefore be said to be in bear market territory.
“Global slowdown is worrying”
“The real concern for markets now is a possible sharp global slowdown triggered by upcoming aggressive monetary tightening in the US, severe Covid-related lockdowns in China and Ukraine war-induced problems in the eurozone,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The 30-part BSE benchmark was trading 495.77 points lower at 56,860.84. The NSE Nifty fell 144.15 points to 17,056.65.
Out of the 30-stock Sensex pack, the biggest laggards in early trade were Bajaj Finance, Bajaj Finserv, UltraTech Cement, Infosys, M&M, Wipro, Maruti and Titan.
In contrast, NTPC, Tata Steel, Reliance Industries, Sun Pharma, Power Grid and HDFC were the winners.
Asian markets traded on a mixed note on mid-session deals, with Tokyo and Seoul trading over 1 percent lower, while Hong Kong and Shanghai traded marginally higher.
Stocks in the US closed significantly lower on Tuesday.
The Sensex rose 776.72 points, or 1.37 percent, to end Tuesday at 57,356.61. The Nifty rose 246.85 points, or 1.46 percent, to 17,200.80.
Meanwhile, the international oil benchmark Brent rose 0.5 percent to $105.42 a barrel.
Overseas institutional investors continued their selling spree, selling ₹1,174.05 crore of shares, according to stock market data on Tuesday.
