Odisha News Hour

Early trading saw a decline in stocks due to market volatility worldwide

<p>Tuesday’s early trading saw a decline in the benchmark indexes Sensex and Nifty as volatility continued amidst erratic tendencies in international markets.</p>
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<p>The 30-share BSE Sensex gained 116.42 points to start at 71,188.91 points, continuing its upward trajectory. It quickly made a U-turn, however, dropping 129.92 points to 70,942.57 points.</p>
<p>The wider Nifty initially gained 14.80 points to 21,630.85 points, then lost momentum and fell 63.25 points to 21,552.80 points, exhibiting a similar pattern.</p>
<p>Tata Steel, JSW Steel, PoweGrid, and Wipro were some of the biggest losses in the Sensex pack, while ICICI Bank, NTPC, ITC, and Kotak Bank were all doing well.</p>
<p>The BSE smallcap index decreased by 1.65%, the midcap index by 0.57%, and the largecap index by 0.12%.</p>
<p>Geojit Financial Services Chief Investment Strategist V K Vijayakumar predicted a steep decline in midcap and smallcap equities since many of these scrips are overvalued.</p>
<p>“Correction will give opportunities to buy fairly valued stocks in this segment like PSU banks,” he said.</p>
<p>Asia’s Nikkei 225 of Tokyo and the Shanghai Composite of China were trading higher, while the Hang Seng of Hong Kong was trading down.</p>
<p>The CAC 40 in France and the DAX in Germany both saw gains at the close of Monday’s trading session, ending the day on a positive note for European markets.</p>
<p>The US market had a mixed finish on Monday.</p>
<p>The benchmark for global oil, Brent crude, increased 0.9% to USD 82.07 a barrel on Tuesday.</p>
<p>Monday saw the Nifty conclude 166.45 points, or 0.76 percent, down at 21,616.05 points, while the Sensex closed 523 points, or 0.73 percent, lower at 71,072.49 points.</p>
<p>According to exchange statistics, foreign institutional investors (FIIs) purchased stocks worth Rs 126.60 crore on Monday, making them net purchasers.</p>