Equity benchmarks Sensex and Nifty fell in early trade on Tuesday, halting their four-day recovery amid an overall weak trend in global markets. The 30-share BSE benchmark was down 205.04 points at 57,910.46 in early trade. The broader NSE Nifty was down 71.85 points at 17,268.20.Among the Sensex components, Tata Steel, UltraTech Cement, ICICI Bank, Tech Mahindra, HDFC and Axis Bank were the top laggards in early trade.However, Asian Paints, ITC, Hindustan Unilever, Reliance Industries, IndusInd Bank and State Bank of India were among the winners.
In Asia, markets in Seoul, Shanghai, Tokyo and Hong Kong traded lower.US markets ended lower on Monday.The BSE benchmark climbed 545.25 points, or 0.95 percent, to settle at 58,115.50 on Monday. The Nifty advanced 181.80 points or 1.06 percent to 17,340.05.Meanwhile, international benchmark Brent crude fell 0.73 percent to $99.25 a barrel.Foreign institutional investors remained net buyers in the capital markets as they bought shares worth Rs 2,320.61 crore on Monday, according to stock exchange data.“Markets are likely to take a breather and see a gap open, which will see weakness in other Asian indices and overnight declines in US indicators.
“However, there is a possibility that the market could go higher as trading moves forward on some positive catalysts such as US Treasury yields falling in intraday trade, massive July GST collection and foreign investors continuing their past exposure to local equities. few weeks,” said Prashant Tapse – Research Analyst, Senior Vice President (Research), Mehta Equities Ltd in his pre-market commentary.
