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Sensex retreats over 700 points from day's high dragged by ITC, Infosys and HDFC

Sensex retreats over 700 points from day's high dragged by ITC, Infosys and HDFC

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By Sandeep Singh   IST (Published)

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The Sensex and the Nifty50 reversed course in the final hour of trade to finish in the red on Tuesday, as financial and IT sectors gave up initial gains. ITC, Infosys and HDFC were the biggest drags for both headline indices.

Indian equity benchmarks made a U-turn in the final hour on Tuesday, as financial and IT shares gave up initial gains, as concerns about steep hikes in COVID-era interest rates and their impact on global growth kept investors cautious globally.
The 30-scrip Sensex index gyrated within a range of more than 900 points — between 53,054.3 and 53,865.9 — during the session. It finished the day 731.6 points below the highest level of the day.
The broader Nifty50 benchmark moved in the 15,750-16,050 band in intraday trade.
"The current trend in the global markets indicates that uncertainties around recession and tightening monetary policies continue to haunt investors’ confidence," said Vinod Nair, Head of Research at Geojit Financial Services.
A total of 28 stocks in the Nifty50 basket were in the red at the close. HDFC Life, ITC, Wipro, Maruti Suzuki, Britannia, Axis Bank, IndusInd and Larsen & Toubro — falling around 1-2 percent — were the top laggards.
Shree Cement, PowerGrid, Bajaj Finserv, Hindustan Unilever, Apollo Hospitals, ONGC, Hindalco and Tata Motor — rising around 1-2 percent — were the top gainers among blue-chip stocks.
ITC, Infosys and HDFC were the biggest drags for both headline indices.
“The banking space is offering more options. Let's say Federal Bank has the ability to grow and the continuity of leadership, with all sides of the portfolio growing... If you had to dip into this space, I believe Federal Bank offers a far better salience at this point in time than RBL Bank,” market expert Prakash Diwan told CNBC-TV18.
Overall market breadth indicated a tug of war between the bears and the bulls, as 1,053 stocks rose and 1,025 fell on NSE.
Global markets
European equities dropped as a strike by Norwegian oil and gas workers exacerbated worries about an energy shock and added to concerns over red-hot inflation. The pan-European Stoxx 600 index was down 0.9 percent in early hours.
S&P 500 futures were down 0.6 percent, suggesting a weak start ahead on Wall Street as investors return to trade following a long weekend.
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