Mumbai: The Sensex fell for the third consecutive session on Tuesday due to strong selling by foreign funds and the index fell 456 points to close at 72,944.
A series of factors, increasing geopolitical tensions Mixed group in West Asia economic numbers Brokers and analysts said investors globally are scared of China, which is also affecting the sentiment on Dalal Street.
Foreign portfolio investors (FPIs) led the selling on Tuesday with a net outflow of Rs 4,468 crore. According to BSE data, FPIs sold shares worth a net Rs 7,736 crore (about $900 million) in the two sessions. Nifty fell 125 points to close at 22,148 on NSE.
According to Siddharth Khemka of Motilal Oswal Financial Services, most sectors of Dalal Street closed in the red on Tuesday. “Rising tensions in (West Asia) have soured sentiments, leading to a rise in crude oil prices. Mixed economic data from China further weakened sentiments. However, China’s GDP grew at a better-than-expected 5.3% “Which came as a surprise, poor March activity data nullifies any positivity, thus, global markets will remain weak.”
In Tuesday’s market, sentiment remained weak for IT stocks in India after a weak close on Nasdaq on Monday night. Infosys closed down 3.7% and Wipro closed down 2.3%, with the BSE IT index closing down more than 2%. Although markets are closed on Wednesday for Ram Navami, near-term sentiment is expected to remain volatile with a negative bias until Iran-Israel tensions subside, Khemka said. Outside India, US Federal Reserve chief Jerome Powell’s late-night speech on Tuesday will hold significance in the current uncertainty environment, he said.
A series of factors, increasing geopolitical tensions Mixed group in West Asia economic numbers Brokers and analysts said investors globally are scared of China, which is also affecting the sentiment on Dalal Street.
Foreign portfolio investors (FPIs) led the selling on Tuesday with a net outflow of Rs 4,468 crore. According to BSE data, FPIs sold shares worth a net Rs 7,736 crore (about $900 million) in the two sessions. Nifty fell 125 points to close at 22,148 on NSE.
According to Siddharth Khemka of Motilal Oswal Financial Services, most sectors of Dalal Street closed in the red on Tuesday. “Rising tensions in (West Asia) have soured sentiments, leading to a rise in crude oil prices. Mixed economic data from China further weakened sentiments. However, China’s GDP grew at a better-than-expected 5.3% “Which came as a surprise, poor March activity data nullifies any positivity, thus, global markets will remain weak.”
In Tuesday’s market, sentiment remained weak for IT stocks in India after a weak close on Nasdaq on Monday night. Infosys closed down 3.7% and Wipro closed down 2.3%, with the BSE IT index closing down more than 2%. Although markets are closed on Wednesday for Ram Navami, near-term sentiment is expected to remain volatile with a negative bias until Iran-Israel tensions subside, Khemka said. Outside India, US Federal Reserve chief Jerome Powell’s late-night speech on Tuesday will hold significance in the current uncertainty environment, he said.