Sensex and Nifty opened a little lower on Tuesday as most of the Asian shares dipped in the early session today morning led by the slide in technology stocks on Wall Street overnight. BSE Sensex shed 55.69 points or 0.17% to begin at 32,814.03 whereas NSE Nifty started the day at 10,118.25, down 9.5 points or 0.09%. Shares of Adani Ports, Wipro, NTPC, Power Grid were the top losers today followed by the other blue-chip stocks such as HDFC Bank and Infosys which contributed the most to the Sensex decline. On the other hand, shares of ICICI Bank, Bharti Airtel helped to trim the losses. The benchmark Sensex was trading down 0.56% lower at 32,685.34 with the heavyweights Reliance Industries, HDFC and ITC leading the drop.
Shares of Anil Dhirubhai Ambani Group’s Reliance Communications and Reliance Naval and Engineering were the worst performers among the BSE’s ‘A’ group stocks. RCom slipped 6.93% to hit the day’s low of Rs 10.74 while Reliance Naval fell 4.22% to day’s low of Rs 34. Among the regional indices of NSE, all of the eleven were trading down with Nifty Metal and Nifty PSU Bank index falling the most. Within minutes of trading, the 30-share barometer Sensex washed off as much as 187.2 points to hit the day’s low of 32,682.52 while the broader Nifty dropped 47 points to 10,080.75.
Asian shares were subdued on Tuesday as investors’ rotation out of technology shares took a toll on some of the region’s tech heavyweights although hopes of a major tax cut in the United States underpinned risk sentiment, Reuters said in a report.
The Dow Jones Industrial Average reached a record high on Monday, with banks and retailers surging and technology companies falling as investors realigned their portfolios in hopes of benefiting from expected corporate tax cuts, Reuters reported. The S&P 500 ended with a loss after hitting an intra-day all-time high earlier in the day, while the technology-heavy Nasdaq dropped 1.05%. The Dow Jones Industrial Average rose 0.24% to end at 24,290.05 points, while the S&P 500 lost 0.11% to 2,639.44. Earlier in the session, the S&P 500 had touched a record high. The Nasdaq Composite dropped 72.22 points to end at 6,775.37.