Sensex Nifty Edge Lower; RIL, ICICI Bank; HDFC Bank Top Loser | Techno Glob

Reliance Industries among weak global factors Weak global factors; ICICI Bank HDFC Bank HDFC Indian equity benchmarks were lower on Tuesday, with index heavyweights such as Hindustan Unilever and Kotak Mahindra Bank. The Sensex fell 221 points and the Nifty 50 index hit an intra-week low of 17,173.

At 9:31 am, the Sensex was down 157 points at 57,834, while the Nifty 50 index was down 47 points at 17,194.

In most Asian markets, Japan’s Nikkei rose 2.5 percent; Hong Kong Hang Seng 1.37 percent; Taiwan’s weighted 3.6 percent and South Korea’s KOSPI fell 2.43 percent.

Wall Street added to its latest set of losses on Monday as stocks fell on inflation updates and weeks before the start of the corporate earnings reporting season.

The S&P 500 fell 0.7%, extending its losing streak to a fourth straight day. The Dow Jones Industrial Average lost 0.3 percent after vacillating between small gains and losses, while the Nasdaq composite fell 1 percent. The Dow and Nasdaq have traded lower over the past four days.

Small-cap stocks also fell, with the Russell 2000 index ending 0.6 percent lower. US bond trading was closed.

Major indexes are coming off a volatile week with gains as a two-day early rally shielded several days of weak stocks.

The Federal Reserve’s plan to tame high prices by raising interest rates sent Wall Street reeling amid concerns about hot inflation. The aim is to freeze credit and spending to slow economic growth and control inflation, but the plan risks sending the economy into recession.

Trading pressure was broad-based as all 15 sectors compiled by the National Stock Exchange were down nearly 1 percent in the Nifty Auto index. Nifty Bank financial services; metal medicine PSU Bank Health care and oil and gas indexes each fell 1 percent.

Mid- and small-cap stocks traded flat as the Nifty Midcap 100 index fell 0.3 percent, while the Nifty Smallcap 100 index was little changed.

Divi’s Labs was the Nifty loser, with the stock down 2.4 percent to Rs 3,597. Eicher Motors ONGC Apollo Hospitals; JSW Steel, Dr Reddy’s Labs; Maruti Suzuki SBI Life Bajaj Auto, Tata Steel UPL and Titan fell between 1-2 percent.

Infosys was among the top Nifty gainers after the company announced on October 13 that it will consider a share buyback proposal. Adani Enterprises; Asian Paints Bajaj Finserv, Adani Ports; ITC Ultratech Cement and Axis Bank were among the gainers. .

Market breadth was neutral with 1,549 shares rising while 1,363 declined on BSE.

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