Markets continue to trade lower; Sensex near 58,300, Nifty 50 over 17,400; Metal outperforms; Tata Steel top bulls

In the early deals, Sensex has slipped nearly 750 points and even erased its 58,000-mark.

November 23, 2021 9:57 IST | India Infoline News Service
Indian markets continued to remain under pressure even on Tuesday, however, the bearish tone was at a slower pace after the freefall of the previous day. Metal stocks outperformed their counterparts and limited the losses in benchmarks Sensex and Nifty 50. IT stocks underperformed the most. Also, mixed global cues further contributed to the mood of the market. 

In the early deals, Sensex has slipped nearly 750 points and even erased its 58,000-mark. At around 09.57 am, Sensex was trading at 58,287.50 lower by 178.39 points or 0.31%. The index has touched the day's low of 57,718.34.

Nifty 50 was performing at 17,406.45 lower by 10.10 points or 0.,16%. The index has clocked an intraday low of 17,216.10.

On BSE, in terms of sectoral indices, the Metal index advanced by more than 610 points. On the contrary, the IT index shed over 340 points.

Bulls on Sensex were - Tata Steel (+3%), while Power Grid, NTPC, Bajaj Finance and SBI followed with over 1% upside each.

Bears on Sensex were - Infosys (-2%), ICICI Bank, Reliance Industries, Asian Paints, IndusInd Bank, TCS and HUL falling between 0.5-1%.

Asian markets traded mixed with Hang Seng being the worst hit with a downside of 1%. The selloff was also seen in Taiwan and South Korean markets while the Japanese 'Nikkei' is closed for a holiday. The Chinese stocks saw sharp gains as contrarian funds buy stocks as attractive valuations see buying interest. Most banks and realty stocks see buying as with more money printing by the Japanese Central bank expect liquidity to see buying in riskier assets.

Investors also reacted to the re-appointment of Federal Reserve Chair Jerome Powell. On Monday, President Joe Biden announced Powell's second term to lead the central bank.

Overnight, on Wall Street, US markets closed mixed as Nasdaq and S&P 500 index hit a fresh new all-time high before seeing a huge bout of profit booking while Dow Jones holds onto marginal gains to close higher by 17 points after being up over 300 intraday. Bond yields spike to 1.62% which sees profit-booking in technology stocks,

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