Sensex down 219 pts, Nifty holds 17,250 mark

Key equity benchmarks were trading in a narrow range with modest losses in afternoon trade. The Nifty was trading below the 17,300 level. Negative global cues dented investors sentiment. IT shares corrected while PSU banks were in demand.

At 13:20 IST, the barometer index, the S&P BSE Sensex, was down 219.24 points or 0.38% to 57,896.26. The Nifty 50 index declined 76.95 points or 0.44% to 17,263.10.

In the broader market, the S&P BSE Mid-Cap index rose 0.19% while the S&P BSE Small-Cap index gained 0.20%.

The market breadth was positive. On the BSE, 1838 shares rose and 1431 shares fell. A total of 138 shares were unchanged.

Indusind Bank (up 2.45%), SBI (up 1.70%), Shree Cement (up 1.35%), NTPC (up 1.05%) and Asian Paints (up 1.03%) were top Nifty gainers.

UPL (down 3.69%), Hero MotoCorp (down 3.20%), Eicher Motors (down 2.42%), SBI Life Insurance (down 2.20%) and Hindalco Industries (down 2.15%) were major Nifty losers.

Economy:

Finance Minister Nirmala Sitharaman said on Monday that India is still the fastest growing economy whose financial situation is much better than most other countries. Speaking during a debate on the issue of price hike in the Lok Sabha, Sitharaman said the global agencies have ranked India's economy higher than most countries and there is no sign of recession in the country. Sitharaman added that the government is making efforts to bring down retail inflation below 7%.

Global Markets:

The Dow Jones index futures were down 151 points, indicating a weak opening in the US stocks today.

Shares in Europe and Asia declined on Tuesday as South Korea's inflation rose and investors look ahead to the Reserve Bank of Australia's interest rate decision.

The Reserve Bank of Australia is expected to hike rates after official data showed prices in Australia rose 6.1% in the second quarter compared with a year ago.

Consumer prices in South Korea rose 6.3% in July compared with the same period in 2021, official data showed on Tuesday.

Wall Street ended a three-day winning streak and crude prices plunged on Monday as economic data from the US, Europe and China showed demand weakening under inflation pressures, while the looming possibility of recession curbed risk appetite.

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