Markets fall for 2nd day running; IT counters drag


MUMBAI: Market benchmark indices fell in early trade Wednesday, extending their previous day’s decline dragged lower by IT meters and a weak trend in US stocks.
The 30-stock BSE Sensex fell 100.87 points to 61,831.60 after a flat start to trading. The NSE Nifty fell 29.1 points to 18,257.40.
Among the Sensex companies are Wipro, InfosysHCL Technologies, Tata Consultancy Services, Tech Mahindra, Hindustan Unilever, Bajaj Finservand Bajaj Finance were the biggest laggards.
Winners included Bharti Airtel, IndusInd Bank, Larsen & Toubro, ITC, UltraTech Cement and State Bank of India.
Markets in Asia, Seoul and Tokyo traded in the green while Shanghai and Hong Kong traded lower.
The US market closed lower on Tuesday.
Foreign institutional investors (FIIs) were buyers on Tuesday, buying Rs 1,406.86 crore in shares, according to stock market data.
“As a batsman approaches his century, he might get stuck in ‘nervous nineties’ for a while. It appears the market is in a similar state as it nears a new all-time high.”
“Even if conditions are favorable for a new record, there are near-term issues such as the US debt ceiling standoff that may weigh on global markets in the near-term,” said VK Vijayakumar, chief investment strategist at Geojit Financial Services.
Meanwhile, global oil benchmark Brent crude rose 0.16 percent to $75.03 a barrel.
On Tuesday, the 30-stock BSE benchmark was down 413.24 points, or 0.66 percent, to close at 61,932.47. The Nifty declined 112.35 points, or 0.61 percent, to close at 18,286.50.
“Caution is likely to remain and the next few sessions may see extended profit booking as investors focus on global sentiment,” said Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd.

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