Sensex drops over 100 in early trade, Nifty slips below 18,100

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• Nov 16, 2021 | Deleted

Mumbai: Equity benchmark Sensex fell over 100 points in early trade on Tuesday, trailing losses in index majors HDFC twins, Kotak Bank and Reliance Industries.

The 30-share index was trading 122.35 points or 0.20% lower at 60,596.36 in initial deals. Similarly, the Nifty fell 45.45 points or 0.25% to 18,064.

Among the losers in the Sensex pack, HDFC topped it with shredding over one per cent, followed by Kotak Bank, Asian Paints, Kotak Bank, Reliance Industries and Power Grid.

While M&M, Bajaj Finserv, Maruti, Nestle India, Tata Steel, and Tech Mahindra were among the gainers.

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Previously, in the Sensex session, it settled 32,02 points or 0.05 per cent higher at 60,718.71. In contrast, Nifty rose 6.70 points or 0.04 per cent to 18,109.45.

As per exchange data, the Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs. 424.74 cores on Monday.

Chief Investment Strategist at Geojit Financial Services, V.K. Vijayakumar, said, “U.S. and European markets shrugging off the high U.S. inflation rate of 6.2 per cent is very significant and this is likely to impart resilience to global equity markets in the short-term even while there is concern about elevated valuations in stock prices.”

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading with gains in mid-session deals.

In contrast, stock exchanges in the U.S. ended marginally lower in the overnight session.