India’s equity benchmark fell on Tuesday after falling nearly 2% a day earlier, as technology, financial and energy shares slid, and COVID-19 cases increased in Europe. Europe raised concerns about the impact on global economic growth.
The NSE Nifty 50 blue-chip index fell 0.96% to 17,255.40 as of 9:26 a.m., while the S&P benchmark BSE Sensex fell 1.08% to 57,814.18.
The Nifty IT Index fell 1.5%, followed by Infosys Ltd and Coforge Ltd – down 2.2% each.
The Nifty Energy Index fell 0.72%, with the state-owned Adani Petroleum and Transmission Corporation among the biggest losers.
Oil prices fell due to growing rumors that the United States, Japan and India would release crude oil reserves to curb prices.
Among other sub-indexes, banking shares fell 0.3%, led by the loss-making ICICI Bank.
Paytm has rallied around 5.6% after two sharp declines. The digital payments startup became one of the worst major stock market launches in India last week.
Vedanta Ltd is up about 6.7% in early trading.
Asian stocks mostly fell, tracking Wall Street pullback after US President Joe Biden nominated Federal Reserve Chairman Jerome Powell to lead the central bank for a second term, bolstering expectations The US will soon reduce stimulus.
