Share Market Opening Bell: Panic among investors due to fear of US recession; Sensex fell, Nifty also fell
New Delhi| Due to fear of American recession, there was an atmosphere of panic among investors on the second trading day of the week. The impact of the US market’s boom was also visible on domestic business and Sensex fell by almost 400 points, while Nifty fell to below 22,500. Sensex fell 379.79 points to 73,735.38 points in early trade, while Nifty fell 108.40 points to 22,351.90 points. On Monday, foreign institutional investors (FIIs) sold shares worth Rs 485.41 crore, according to stock market data. Domestic institutional investors (DIIs) on the other hand bought shares worth Rs 263.51 crore.
Such was the market movement
Major stock indices Sensex and Nifty fell in early trade on Tuesday due to weakness in US markets and heavy selling in Infosys shares. During this period, the 30-share BSE Sensex fell by 346.23 points, or 0.47 per cent, to 73,768.94. Infosys shares fell nearly 3.5 percent. NSE Nifty was down 124.80 points or 0.56 per cent at 22,335.50.
Who benefits and who suffers?
Among Sensex stocks, IndusInd, Infosys, Mahindra & Mahindra, Zomato, Bajaj Finserv, UltraTech Cement, Tech Mahindra, Adani Ports, Tata Steel, Kotak Mahindra Bank and HDFC Bank fell significantly. On the other hand, Sun Pharmaceuticals, ICICI Bank, Nestle India, Bharti Airtel, NTPC and Titan were trading in gains.
Condition of rupee against dollar
The rupee rose one paise to 87.30 against the US dollar in early trade on Tuesday due to a weak US currency and falling crude oil prices. In the interbank foreign exchange market, the rupee opened at 87.37 and then strengthened slightly against the dollar in early deals to reach 87.30, a gain of one penny from the previous closing price. The rupee had fallen 36 paise to close at 87.31 against the US dollar on Monday.
