Market reverses losses: Sensex down 60 points, Nifty dips 29 points in mid-session trade; Titan, DHFL among top losers

After tanking over 250 points during opening trade, the Sensex made a recovery mid-session. The 30-share index pared some losses to trade at 38,660.56, down 60.01 points and the Nifty gained 28.70 points at 11,529.90. Titan, DHFL,  Manpasand, Cox and Kings were among major losers in the Sensex pack.

The Sensex was over 250 points down in early trade at 38,568.07 at 0930 hours. The Sensex tanked by 817.48 points to 38,695.91 later trade on Monday led by losses in index heavyweights HDFC Bank, L&T and Bajaj Finance, amid heavy selloff in global equities. In morning trade on Monday, the Sensex had nosedived by 400 points at 39,107.72 and Nifty plunged 128 points, or 1.08 percent, to 11,683.15.

The domestic equity benchmark Sensex fell over 250 points in early trade Tuesday dragged by losses in HDFC twins and TCS as Budget tax proposals continued to spook investors.

The Union Budget proposal to raise the public shareholding threshold to 35 percent from the current 25 percent and higher tax incidence for foreign portfolio investors and high net worth individuals kept investors jittery, traders said.

After dropping over 253 points in the opening session, the 30-share index pared some losses to trade 152.50 points, or 0.39 percent, lower at 38,568.07 at 0930 hours.

The broader Nifty shed 49.25 points, or 0.43 percent, to 11,509.35 in morning trade. The Nifty was down by 250.10 points at at 11,561.05 during yesterday's close.

On Tuesday, TCS was among the top losers in the Sensex pack, falling up to 1.79 percent, ahead of its quarterly results, scheduled to be announced later in the day.

HDFC twins, Asian Paints, Kotak Bank, HUL, Bajaj Finance and Axis Bank too fell up to 2.19 percent.

On the other hand, Yes Bank, PowerGrid, Sun Pharma, NTPC, L&T, RIL and Vedanta were among the gainers, rising up to 2.90 percent.

 Market reverses losses: Sensex down 60 points, Nifty dips 29 points in mid-session trade; Titan, DHFL among top losers

Representational image. Reuters.

In the previous session, the 30-share gauge saw its biggest single-day loss this year so far, settling at 38,720.57 points, showing a sharp loss of 792.82 points or 2.01 percent. The Nifty too tanked 252.55 points, or 2.14 percent, to close at 11,558.60 points.

On a net basis, foreign institutional investors sold equities worth Rs 401.99 crore, while domestic institutional investors purchased shares to the tune of Rs 321.13 crore, provisional data available with stock exchanges showed Monday.

"Fiscal prudence (in the Budget) was contrary to the market's expectation which was hoping for a stimulus in the slowing economy," said Vinod Nair, Head of Research, Geojit Financial Services.

Focus has shifted to the upcoming quarter result where expectation remains muted, volatility is likely to prevail, he added.

Persistent weakness in global equities amid expectation of dovish US Federal Reserve policy too weighed on investor sentiment here, they added.

Shanghai Composite Index, Hang Seng and Kospi were trading lower in their respective early sessions, while Nikkei was trading in the green.

On the currency front, the Indian rupee depreciated 17 paise to 68.83 against the US dollar.

Meanwhile, the global oil benchmark Brent crude futures were trading 0.22 percent lower at 63.97 per barrel.

-With PTI inputs

Updated Date: Jul 09, 2019 12:33:46 IST