Markets in red

Equity benchmark indices Nifty and Sensex erased all early morning gains by Tuesday’s afternoon session, tracking weak global cues.

All major sectoral indices are trading lower. Heavyweight Nifty IT is down nearly 2%. Nifty Metal and Auto are trading 1% lower. Nifty Bank is marginally lower.

Amidst worries of economic contagion, caused by the recent failures of Silicon Valley Bank and Signature Bank in the United States, several Asian shares witnessed a decline on Tuesday. In addition to this, the central bank's decision to increase interest rates to combat inflation further added to investors' jittery.

At around 2.00 PM, BSE Sensex is trading 401 points lower at 57,836. NSE Nifty is trading down by 133 points at 17,025.

IndusInd bank (+0.84%) rallied the most so far, registering only ~1% uptick. BPCL (+0.76%), Titan (+0.74%), Sun Pharma (+0.56%), and Larsen & Toubro (+0.46%) are marginally higher.

Adani Enterprises (-8.13%) is the top NSE loser so far. It is trading 8% lower. Adani Ports is down nearly 4%. HCL Tech (-2.88%) is putting pressure on the chart with a 3% decline. Tech Mahindra (-2.31%) and M&M (-2.29%) are trading with a 2% downside.

A total of 8 stocks advanced while 42 declined on the Nifty index.

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