Sensex Closes on Negative Note
India’s BSE Sensex erased early gains to close about 1% lower at 74,004 on Tuesday, marking the second session of decreases, amid a broad selloff. Market sentiment was pressured by concerns over elevated oil prices and global bond yields ahead of the Fed's policy decision on Wednesday. Domestically, India’s annual inflation quickened to 4.82% in August from 4.45% in July, prompting fresh concerns over inflation and keeping the door open to a rate hike. Among the 30 Sensex firms, Bharat Electronics slipped 6% after analysts warned of downside risks for defense stocks. InterGlobe Aviation, Titan, Bajaj Finserv, Adani Ports, Mahindra & Mahindra and State Bank of India were also among the laggards. On the upside, IT companies were the top performers. HCL Tech jumped roughly 4%, Infosys climbed 3.6%, Tech Mahindra was up 2.3% and Tata Consultancy Services added 2.2%. HDFC Bank gained 1.3% amid continued optimism surrounding the bank's leadership transition.
India’s BSE Sensex erased early gains to close about 1% lower at 74,004 on Tuesday, marking the second session of decreases, amid a broad selloff. Market sentiment was pressured by concerns over elevated oil prices and global bond yields ahead of the Fed's policy decision on Wednesday. 45% in July, prompting fresh concerns over inflation and keeping the door open to a rate hike. Among the 30 Sensex firms, Bharat Electronics slipped 6% after analysts warned of downside risks for defense stocks.
InterGlobe Aviation, Titan, Bajaj Finserv, Adani Ports, Mahindra & Mahindra and State Bank of India were also among the laggards. On the upside, IT companies were the top performers. 2%. 3% amid continued optimism surrounding the bank's leadership transition.