Sensex falls over 200 points in early trade; Skilled Tests 17,000

From the 30 stock package, Hindustan Unilever Limited, Asian Paints, UltraTech Cement, Nestle India and Axis Bank were the biggest detractors. In contrast, Tata Steel, Reliance Industries, TCS and Power Grid all traded in the green.

From the 30 stock package, Hindustan Unilever Limited, Asian Paints, UltraTech Cement, Nestle India and Axis Bank were the biggest detractors. In contrast, Tata Steel, Reliance Industries, TCS and Power Grid all traded in the green.

Stock benchmark Sensex was down over 200 points at the open of trading on Tuesday, trailing losses in banking and financial stocks amid concerns over rising oil prices.

The 30-part BSE benchmark Sensex was trading 221.35 points lower at 57,071.14. Similarly, the broader NSE Nifty fell 54.9 points to 17,062.70.

From the 30 stock package, Hindustan Unilever Limited, Asian Paints, UltraTech Cement, Nestle India and Axis Bank were the biggest detractors. In contrast, Tata Steel, Reliance Industries, TCS and Power Grid all traded in the green.

“A hawkish Fed and US 10-year Treasury yields rising to 2.29 percent are headwinds for global equity markets. Term volatility in crude oil is extremely worrying,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

On Monday, the Sensex fell 571.44 points, or 0.99 percent, to trade at 57,292.49. The Nifty fell 169.45 points, or 0.98 percent, to 17,117.60.

Stock exchanges in Shanghai, Seoul, Hong Kong and Tokyo traded higher on mid-session deals.

Stock exchanges in the US ended the night session on a negative note.

Meanwhile, international benchmark Brent oil rose 2.14 percent to $118.09 a barrel.

“Oil prices and Treasury yields rose as investors refocused on the risks of the Russia-Ukraine crisis. The Dow Jones fell 0.58 percent, the S&P 500 lost 0.04 percent, while the Nasdaq lost 0.4 percent,” said Mitul Shah, head of research at Reliance Securities.

The Russia-Ukraine conflict and inflationary pressures are weighing on market sentiment, he added.

Foreign institutional investors (FIIs) were net sellers in the capital market as they sold shares worth Rs 2,962.12 crore on Monday, according to stock market data.

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