Sensex tumbles 568 points tracking selloff in global markets

Selloff in global equities markets amid a surge in crude oil prices spooked Dalal Street on Tuesday leading to around one per cent slump in the key indices, Sensex and Nifty.

The 30 stock S&P BSE Sensex slumped 567.98 points or 1.02 per cent to close at 55,107.34 points against its previous day's close at 55,675.32 points.

Earlier, the Sensex opened in the negative at 55,373.18 points and slumped to a low of 54,882.41 points in the intra-day. The Sensex had lost 93.91 points or 0.17 per cent on Monday.

The broader Nifty 50 of the National Stock Exchange slumped 153.20 points or 0.92 per cent to 16,416.35 points against its previous day's close at 16,569.55 points.

The Nifty started the day sharply down at 16,469.60 points and slumped to a low of 16,347.10 points in the intra-day. The Nifty had lost 14.75 points or 0.09 per cent on Monday.

Selloffs in the global equities markets dampened investors' sentiments. Foreign institutions sold heavily.

Reacting on the recent volatility in the markets, Union Finance Minister Nirmala Sitharaman said retail investors have joined the Indian stock markets in a big way and seem to act as shock absorbers.

"Retail investors have come in a big way that they seem to act as shock absorbers... if FPIs went away, our markets did not really have to show their ups and downs in a very distinct way because small investors in the country have come in a big way," Sitharaman said at an event organised by the Ministry of Corporate Affairs as a part of the Azadi ka Amrit Mahotsav celebration.

There was across the board selling pressure in the Indian equities markets. Consumer durables, realty, IT and financial stocks were among the worst hit.

Titan tumbled 4.47 per cent to Rs 2101.10. Dr Reddy's Laboratories slumped 3.87 per cent to Rs 4142.15. L&T fell 3 per cent to Rs 1589.40. Hindustan Unilever slumped 2.98 per cent to Rs 2211.50.

Asian Paints, Bajaj Finance, Tata Consultancy Services, Bajaj Finserv, Nestle India and HCL Technologies were among the major Sensex losers.

Only five of the 30 scrips that are part of the Sensex closed in the positive.

NTPC jumped 1.35 per cent to Rs 157.25. Maruti Suzuki rose 1.30 per cent to Rs 7811.25. The index heavyweight Reliance Industries closed 0.20 per cent higher at Rs 2772.50. Mahindra & Mahindra and Bharti Airtel also closed in the positive.

( With inputs from ANI )

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor