Tuesday, February 27, 2024
Tuesday, February 27, 2024
HomeBusinessStocks fall in early trading amid volatility in global markets

Stocks fall in early trading amid volatility in global markets

Mumbai: Benchmark indices Sensex and Nifty fell in early trade on Tuesday as volatility persisted amid mixed trends in global markets.

The 30-share BSE Sensex opened on a positive note and rose 116.42 points to 71,188.91 points. However, it soon made a 180-degree turn and fell 129.92 points to 70,942.57 points.

Showing a similar trend, the broader Nifty rose 14.80 points to 21,630.85 points initially but lost ground and fell 63.25 points to 21,552.80 points.

In the Sensex group, Tata Steel, JSW Steel, PoweGrid and Wipro were among the top losers, while ICICI Bank, NTPC, ITC and Kotak Bank were trading in the green.

The BSE small cap index fell 1.65 per cent, the mid cap index fell 0.57 per cent and the large cap index fell 0.12 per cent.

VK Vijayakumar, chief investment strategist at Geojit Financial Services, said mid-cap and small-cap stocks are likely to see a sharp decline as many of these stocks are overvalued.

“The correction will provide opportunities to buy fair value stocks in this segment, such as PSU banks,” he said.

In Asia, Tokyo’s Nikkei 225 and China’s Shanghai Composite were trading in positive territory, while Hong Kong’s Hang Seng was in the red.

European markets ended Monday’s session in the green with France’s CAC 40 and Germany’s DAX rising 0.55 percent and 0.65 percent respectively.

On Monday, the US market closed with mixed results.

Global benchmark Brent crude rose 0.09 percent to $82.07 a barrel on Tuesday.

On Monday, Sensex closed 523 points or 0.73 per cent lower at 71,072.49 points, while the Nifty closed 166.45 points or 0.76 per cent lower at 21,616.05 points.

Foreign institutional investors (FIIs) were net buyers on Monday as they bought shares worth Rs 126.60 crore, according to exchange data.

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