Sensex drops over 100 points in early trade
Equity benchmark Sensex dropped over 100 points in early trade on Wednesday, tracking losses in index majors ICICI Bank, HDFC twins, and Reliance Industries amid a negative trend in global markets. The 30-share BSE index was trading 104.99 points or 0.20 percent lower at 52,664.74 in initial deals, while the broader NSE Nifty slipped 31.80 points or 0.20 percent to 15,780.55.
Who were the top gainers or losers?
Maruti was the top loser in the Sensex pack, slipping around one percent, followed by ICICI Bank, HDFC, Axis Bank, IndusInd Bank, and Tata Steel. On the other hand, Tech Mahindra, L&T, HCL Tech, and Sun Pharma were among the gainers.
Sensex ended 0.76 percent higher in the previous session
In the previous session, Sensex ended 397.04 points or 0.76 percent higher at 52,769.73, and the broader NSE Nifty surged 119.75 points or 0.76 percent to settle at 15,812.35. Foreign institutional investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs. 113.83 crore on Tuesday, as per provisional exchange data.
Expert recommends buying quality stocks
According to Binod Modi Head-Strategy at Reliance Securities, benchmark Nifty appears to be consolidating in the range of 15,600-15,900. "Any meaningful correction in the market should be taken as an opportunity to get in quality stocks. Visible improvement in key economic data including IIP, import-export business momentum, and visible traction in overall economic activities in June indicates healthy corporate earnings for 1QFY22E," he said.
Brent crude was trading at $76.25 per barrel
US markets finished lower as a higher-than-expected jump in CPI print for June weighed on investors' sentiments, Modi said. Elsewhere in Asia, bourses in Shanghai (China), Seoul (South Korea), Hong Kong, and Tokyo (Japan) were trading with losses in mid-session deals. Meanwhile, international oil benchmark Brent crude was trading 0.31 percent lower to $76.25 per barrel.
