Market recovers from its lows, Metal records sharp gain
Both the benchmark indices closed the session with positive gains experiencing a notable recovery from its lows on Tuesday.
Domestic equity benchmark BSE Sensex plummeted 793 points Monday to extend losses for a second straight session, dragged by losses in index major HDFC Bank, L&T and Bajaj Finance, amid Union Budget overhang and heavy selloff in global equities.
After plunging over 907 points during the day, the 30-share index settled 792.82 points or 2.01 per cent lower at 38,720.57.
The broader NSE Nifty sank 252.55 points, or 2.14 per cent, to 11,558.60.
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Top losers in the Sensex pack included Bajaj Finance, ONGC, NTPC, Hero MotoCorp and Maruti, falling up to 8.18 per cent.
Yes Bank, HCL Tech and TCS, however, bucked the downtrend by rising up to 5.56 per cent.
According to traders, the Union Budget proposal to raise public shareholding threshold and higher tax incidence for foreign portfolio investors and high networth individuals continued to spook domestic investors.
Besides overhang from the Union Budget, domestic equities extended losses tracking a major selloff in global equities, traders said.
Other Asian markets ended significantly lower as hopes of steep cuts in interest rates by the US Federal Reserve were crushed after the world’s largest economy posted better-than-expected jobs data Friday.
Shanghai Composite Index ended 2.58 per cent lower, Hang Seng plunged 1.54 per cent, Nikkei 0.98 per cent and Kospi tumbled 2.20 per cent.
Equities in Europe were also trading lower in their respective early sessions.
On the currency front, the Indian rupee depreciated 30 paise to 68.72 against the US dollar.
Meanwhile, the global oil benchmark Brent crude futures were trading 0.12 per cent higher at 64.31 per barrel.
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