Sensex Falls 100 pts At Open, Nifty Tests 17,200; Key Points

Sensex Today: Key benchmark indices opened flat with a negative bias amid weak global cues, muted foreign flows, and steady crude prices. Frontline indices Nifty50 declined over 30 points to trade below 17,250 levels and the S&P BSE Sensex fell 150 points to trade at 57,853 levels

The broader markets, however, steered southwards as Nifty MidCap 100 and Nifty SmallCap 100 climbed up to 0.2 per cent.

All sectors swung between gains and losses, as Nifty IT, Nifty Media, and Nifty Pharma indices gained marginally in trade. Nifty Bank, Nifty Realty, Nifty Auto indices, however, declined up to 0.4 per cent.

Rupee Opens

Indian rupee opened flat at 82.33 per dollar on Tuesday against previous close of 82.32.

Global Cues

Shares declined in Asia following a fourth straight drop in US equities amid persistent concern that rising interest rates and geopolitical threats will crimp global growth. Japan’s Topix index dropped 1.4% while South Korea’s Kospi index declined 2%.

Tokyo stocks opened lower on Tuesday after a long weekend, tracking falls on Wall Street as investors braced for more large interest rate hikes from the US Federal Reserve.

US stocks fell on Monday, with the Nasdaq posting its lowest close since July 2020, as investors worried about the impact of higher interest rates and pulled out of chipmakers after the United States announced restrictions aimed at hobbling China’s semiconductor industry.

Oil prices fell on Tuesday, extending nearly 2% losses in the previous session, as a stronger U.S. dollar and a flare-up in COVID-19 cases in China increased fears of slowing global demand. Brent crude futures fell 57 cents, or 0.6%, to $95.62 a barrel by 0031 GMT, after falling $1.73 in the previous session.

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