Sensex rose 173 points in opening trade after two days of decline; hurts later

After two days of sharp fall, benchmark indices jumped on Tuesday, with the Sensex jumping over 173 points in early trade, but was choppy later.

The 30-share BSE Sensex was trading 173.39 points higher at 54,644.06 in opening deals. The NSE Nifty rose 50.65 points to 16,352.50.

Both the benchmark indices were trading flat later in a highly volatile trade.

Asian Paints, Hindustan Unilever Ltd, UltraTech Cement, Bharti Airtel, Maruti, Mahindra & Mahindra and Kotak Mahindra Bank were among the top gainers in Sensex.

In contrast, Infosys, Tata Steel, Reliance Industries and Titan were the laggards.

VK said, “The mother market has clearly weakened with Nasdaq, S&P 500 and Dow hitting 1-year lows. European markets are leading the way along with US markets. Relatively India has been witnessing continued buying by DII and retail investors.” Thank you for doing better,” said VK. Vijaykumar, Chief Investment Strategist, Geojit Financial Services.

Elsewhere in Asia, markets in Tokyo, Hong Kong and Seoul were trading lower, while Shanghai traded marginally higher.

Stock exchanges in the US fell heavily on Monday.

Meanwhile, international oil benchmark Brent crude fell 1.99% to $103.88 a barrel.

Foreign institutional investors continued selling shares worth Rs 3,361.80 crore on Monday, according to stock exchange data.

Wall Street fell to its lowest level in more than a year on Monday as markets were already battered by rising interest rates. Following the fall in global stocks, Indian equity indices may face some pressure .

“Asian markets are trading on expectations of an economic slowdown as a result of rising inflation, higher interest rates and stringent COVID-19 lockdown restrictions in Shanghai,” said Mohit Nigam, PMS Head, Hem Securities.

On Monday, the Sensex closed down 364.91 points or 0.67% at 54,470.67. The NSE Nifty ended 109.40 points or 0.67% lower at 16,301.85.