Early Trade Sees Market Drops Due To Profit-Taking And Outflows Of Foreign Funds

Benchmark equity indices fell in early trade on Tuesday, capping a three-day rise, on profit-taking amid weak trends in the US markets and foreign fund outflows.

The 30-share BSE Sensex dropped 222.02 points, reaching 73,792.53. The NSE Nifty slid 47.65 points, reaching 22,414.35.

Later, the benchmark indices experienced turbulent movements and traded with minor gains.

ICICI Bank, Tata Consultancy Services, Wipro, Infosys, Bajaj Finance, and Asian Paints were the Sensex’s top laggards.

Among the gainers were IndusInd Bank, HDFC Bank, Tata Steel, and Titan.

In Asian markets, Seoul fell, while Tokyo, Shanghai, and Hong Kong rose.

Wall Street closed largely down on Monday.

Brent crude gained 0.48 percent to USD 87.84 a barrel.

According to exchange data, Foreign Institutional Investors (FIIs) sold securities worth Rs 522.30 crore on Monday.

On Monday, the BSE benchmark soared 363.20 points or 0.49 percent to 74,014.55, while the NSE Nifty surged 135.10 points or 0.61 percent to 22,462.

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