Sensex Falls Over 100 Points, Nifty Slides Below 11,900 As Financial Stocks Drop

Stock Market Updates: Sensex Falls Over 100 Points, Nifty Slides Below 11,900 As Financial Stocks Drop

Stock Market News:

Domestic stock markets started Tuesday’s session on a weak note, halting a rally that lasted eight days in a row. The S&P BSE Sensex index fell 125.56 points – or 0.31 per cent – to hit 40,468.24 at the weakest level recorded in early deals following a flat opening. The broader NSE Nifty 50 benchmark slid to as low as 11,888.90, down 42.05 points – or 0.35 per cent – from its previous close. Losses in banking and financial services shares pulled the markets lower. 

At 9:31 am, the Sensex traded 14.82 points – or 0.04 per cent – lower at 40,578.98, while the Nifty was up 6.95 points – or 0.06 per cent – at 11,937.90.

Analysts awaited corporate earnings from IT major Wipro due later in the day. 

Official data on Monday showed consumer inflation in the country increased to 7.34 per cent in September, the highest level recorded since January, and well above the upper end of the RBI’s target range. The data reinforced economists’ view that the RBI is likely to keep key policy rates paused for the time being. 

The latest reading of consumer inflation – or the rate of increase in retail prices of essential items – dashes hopes of further lowering of key lending rates by the Reserve Bank of India.

Equities elsewhere in Asia dropped on Tuesday, despite overnight gains in US markets, as China’s post-holiday rally cooled, although a buoyant tech sector and fresh optimism about US stimulus are expected to continue to support sentiment.

MSCI’s broadest index of Asia-Pacific shares outside Japan dipped into negative territory in the Asian session, down 0.09 per cent.

Weakness emerged early in China as the Shanghai Composite slipped 0.5 per cent, trimming gains made in the two trading days since a week-long public holiday last week. China’s blue chip index CSI300 fell 0.3 per cent.

The morning session of Hong Kong’s Hang Seng index was canceled as the city faced a typhoon warning.

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