Domestic stock markets gained early gains in volatile trading on Tuesday amid weakness in the Asian stock markets as global COVID-19 cases rose and concerns over a fresh slowdown in Europe. In early deals, the S&P BSE Sensex index fell 332.87 points or 0.88 percent to open at 37,701.27 points and the broader NSE Nifty 50 benchmark fell 117 points, 117.4 points below the 11.43.35 level, or 1.04 percent – ending soon after its previous close. Both indices registered positive starts. The sell-off in most sectors led by financial, automobile and metal stocks weakened the markets, but the stock market declined due to lack of strength in major IT stocks.
At 9:25 am, the Sensex traded at 93.58 points – or 0.25 percent – at 37,940.56, while the Nifty closed at 21.50 points – or 0.19 percent – at 11,229.05.
Adani Ports, Tata Motors, Zee Entertainment, Bharat Petroleum and GAIL, trading between 2.95 percent and 5.38 percent lower, were the biggest hits among the 40 laggards in the 50-point benchmark index.
On the other hand, HCL Tech, Tech Mahindra and TCS were the top gainers of the Nifty, between 1.16 per cent and 1.34 per cent.
The National Stock Exchange’s India VIX index – reflecting near-term volatility expectations – jumped 3.48 percent in morning deals.
The Central Bureau of Investigation (CBI) on Monday filed a case against dairy company Kwality and its directors for defrauding the consortium of banks worth about Rs 1,400 crore.
Meanwhile, according to government data, the total COVID-19 cases in the country reached 5.49 million as of Monday.
Equities elsewhere in Asia raised losses for a second straight day, as a possible delay in expanded US stimulus and concerns about a fresh epidemic lockdown in Europe knocked investor sentiment.