With investors being cautious amid global concerns, the Indian benchmark indices closed Tuesday at a slight low, following a roaring start to the morning trade when the Sensex jumped by more than 900 points.
Japanese stocks recovered among their Asian counterparts. The Nikkei 225 stock index experienced its largest one-day increase of 3,217 points, or 10.23 percent. The Paris and Frankfurt stock markets, as well as the FTSE 100, remained stable across Europe.
Nifty closed at 23,992, down 63 points, and Sensex at 78,593, down 166 points. Nifty Bank ended the day at 49,770, down 321 points. Of the Nifty 50 equities, 21 ended the day higher than the closing price, and 29 were lower.
While the Smallcap index finished 0.57 percent lower, the BSE Midcap index saw a decline of 0.71%.
Among the top Nifty gainers were Adani Ports, Britannia Industries, HUL, HCL Technologies, and Cipla. Conversely, the top losers at the end were the shares of BPCL, SBI Life, and HDFC Life.
The rupee closed at a new low of 83.95 against the dollar on Monday.
Market observers claim that the significant drop is mostly a reaction to the early-day recovery in equities following Monday’s global sell-off.
However, they pointed out that the VIX decline is not thought to be sustainable and that the pullback over 18 shows how vulnerable the Indian market is when world events unfold.
Experts seem to be saying that investors shouldn’t panic because the concerns about the US recession are a little exaggerated and premature.
Monday saw Sensex settle at 78,759, down 2,222 points or 2.74 percent, and Nifty conclude at 24,055, down 662 points or 2.68 percent.
Global brokerages claim that despite the economic recession in the US, Indian benchmark indexes continue to be more resilient.
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