Indian markets traded lower on Tuesday amid weak global cues. Banks, auto and consumer durables stocks led the decline while IT and FMCG stocks gained.
The 30-share benchmark index, BSE Sensex opened with a gain of 139.13 points or 0.24% at 58,630.06, while the broad based NSE Nifty started with a rise of 53.60 points or 0.31%, at 17,450.50.
At 11.20 a.m., the Sensex was trading down 157 points or 0.27% at 58,333.92 with 12 components falling. Meanwhile, the Nifty was trading lower by 53.05 points or 0.30% at 17,343.85 with 24 components falling.
Biggest gainers in the 30-share index were ONGC (3.15%), Asian Paints (1.35%), Hindustan Unilever (1.28%), HCL Technologies (1.07%), Tech Mahindra (0.77%), Bajaj Finance (0.70%) and Sun Pharma (0.61%).
On the other hand, Maruti Suzuki (2.75%), Axis Bank (2.22%), ICICI Bank (1.92%), Bajaj Auto (1.82%), HDFC Bank (1.75%), Nestle (0.87%), State Bank of India (0.78%) and Mahindra & Mahindra (0.66%) were the biggest losers in the Sensex.
Market breadth was positive with 893 advances against 2,157 declines.
Selloff in stocks continued in Asia on Tuesday amid ongoing concern about Evergrande Group. Japan Index slid by 2% after reopening following a holiday. Hong Kong, Taiwan Index recovered partially from intra-day low. China and South Korea Index are shut today. SGX Nifty is up 0.2% and US Dow Future gained 0.4%.
U.S. stocks fell the most in about four months amid a global rout sparked by investor angst over China’s real-estate sector and Federal Reserve tapering. Dow Jones and S&P 500 declined by 2% each. Worries about debt-engorged Chinese property developers and the damage they could do to investors worldwide if they default - are rippling across markets. Investors are also concerned that the U.S. Federal Reserve could signal this week that it's planning to pull back some of the support measures it's been giving markets and the economy.
European stock markets closed lower on Monday after China property shares declined on increasing concerns about industry debt loads .Uk Index declined 1% while France and Germany Index slipped 2% each.
