At 9.18 am, the BSE Sensex was trading 127 points or 0.22 per cent lower at 57,863. Nifty50 was trading at 17,202, down 38 points or 0.22 per cent.
V K Vijayakumar, Chief Investment Strategist at
said, “The global environment continues to be weak for markets with concerns of a US recession and possible hard landing rising. Clarity is yet to emerge on this. India’s market outperformance continues with Nifty declining less than 0.5% yesterday in response to near 4% cut in Nasdaq on Friday.”
The Q2 results season has started off well with decent numbers from
which have beaten street estimates on most parameters, he said, adding that this and the news of buyback from will impart resilience to the IT segment.
Among Sensex stocks,
fell 1.12 per cent to Rs 2,575. Dr Reddys Labs, , , and dropped 1.08 per cent, 0.90 per cent, 0.81 per cent and 0.80 per cent, respectively. , and declined 0.73 per cent, 0.64 per cent and 0.55 per cent, respectively.
Sectorally, Nifty Pharma fell 0.66 per cent and Nifty Auto plunged 0.61 per cent. While Nifty IT and Nifty Media opened higher. Nifty Midcap50 fell 0.10 per cent while Smallcap50 rose 0.54 per cent.
On Monday, the US market ended lower with Dow Jones Industrial Average shedding 94 points, or 0.32 per cent to end at 29,202. The S&P 500 plunged 27 points, or 0.75 per cent to 3,612, while Nasdaq Composite dropped 110 points or 1.04 per cent to 10,542.
In Asian markets, Japan’s Nikkei fell 2.37 per cent and South Korea’s Kospi dropped 2.13 per cent, while China’s Shanghai Composite rose 0.33 per cent.
The Indian rupee on Tuesday rose 6 paise to 82.34 against the US dollar in early trade. Meanwhile, the dollar index, which tracks the movement of the greenback against a basket of six major world currencies, surged 0.17 per cent to 113.33 level.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)