Stock market update: Sensex dives below 34,000, Nifty crosses 10,200 points

The stock markets traded in red on Tuesday morning. The S&P BSE Sensex started at 33,935.88 as compared to its previous close of 34,134.38 and the Nifty50 index of the National Stock Exchange (NSE) opened at 10,152.60 against its last close of 10,245.25.

In the first few minutes of trade, the 30-share Sensex traded at 33,944.53, down 189.85 points or 0.56 percent while the Nifty50 at 10,153.85, with a loss of 91.40 points or 0.89 percent. Losing between 1.71 and 4.60 percent, Asian Paints, Indiabulls Housing Finance, Eicher Motors, Yes Bank and Hindustan Petroleum, were the top five drags in the Nifty index.

Reportedly, Asian Paints fell 14.4 percent in second-quarter net profit at Rs 493 crore on Monday.

Thirty six out of 50 Nifty stocks traded with losses. All sectoral indices on the NSE traded in the red, led by FMCG, banks and IT stocks.

Chief Strategy Officer, KIFS Trade Capital, Ritesh Ashar, said that the losing streak of the markets is likely to continue for the next few trading sessions. He also added, “Weakness in the market is constant…stock-specific volatility can be observed due to earning season. The risks of trade war and rising of dollar and crude prices across global markets show no signs of cooling off. Bears are having a better grip on the markets.”

Asian markets too traded in red today. In the global markets, MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.4 percent. Japan’s Nikkei fell 1.25 percent.

According to a report on Monday, provisional data from the NSE showed that foreign portfolio investors sold net equities worth Rs 511.91 crore.

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