Sensex slips 341 pts amid global sell-off; broader indices up – Business Standard

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Stock market updates: remained in a firm bear grip on Tuesday as Dalal Street investors participated in-line with global peers. Asian tech stocks tumbled as investors feared that soaring commodity prices that have sent the cost of raw materials from copper to iron ore and lumber to record heights are the latest indicator that inflation may not be as transitory as some policymakers seem convinced. 

Consequently, MSCI’s broadest index of Asia-Pacific shares outside Japan down 1.6 per cent in afternoon trade, its largest drop since late March while Japan’s Nikkei slid 3.16 per cent. The Hang Seng tech index, meanwhile, fell 3 per cent. 

In Europe, the pan-European STOXX 600 index fell 1.9 per cent while the main bourses in Frankfurt, Paris and London all lost close to 2 per cent.

That apart, on the coronavirus front, the World Health Organization said the coronavirus variant first identified in India last year was being classified as a variant of global concern, with some preliminary studies showing that it spreads more easily.

Against this backdrop, the frontline S&P BSE shedded 341 points, or 0.69 per cent, to end the session at 49,162 levels. During the day, the index traded within a range of 49,304 and 48,988 levels.

Kotak Mahindra Bank (down 3 per cent) was the biggest index loser today, trailed by HDFC, Tech Mahindra, HUL, Bajaj Finserv, Titan Company, and Bajaj Finance. On the contrary, NTPC, ONGC, PowerGrid, Sun Pharma, UltraTech Cement, and SBI were the top gainers, up between 1 per cent and 5 per cent.

On the NSE, the index held the 14,850-mark today and settled at 14,851 levels, down 92 points or 0.61 per cent. The index breadth remained neck and neck with 28 stocks in the red against 22 stocks in the green. JSW Steel, Hindalco, Wipro, and Divis Labs were the additional losers on the Nifty index while Coal India, Indian Oil Corporation, BPCL, and UPL were the additional gainers.

The broader markets, however, remained resilient to the market fall and ended higher today. The S&P BSE MidCap and SmallCap indices gained 0.60 per cent and 0.80 per cent, respectively.

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