The Nifty slid below the 11,500 mark for the first time sinceMay17 Domestic stock markets started Tuesday's session on a weak note with the NSE giving up the 11,500 mark for the first time in over seven weeks, extending their losses to a third straight session.
The S-P BSE Sensex index fell as much as 253.83 points to 38,466.74 in early deals, and the NSE Nifty benchmark slid to 11,477.65, down 80.95 points from the previous close.
Weakness in financials, consumer goods and information technology stocks dragged the markets lower however advances in energy shares limited the downside.
Analysts awaited the quarterly earnings by Tata Consultancy Services (TCS) due later in the day.
Here are 10 things to know:At 9:36 am, the Sensex traded 58.05 points - or 0.15 per cent - lower at 38,662.52 while the Nifty was down 24.45 points - or0.21 per cent - at 11,534.15.The Nifty slid below the 11,500 mark for the first time sinceMay17.Top percentage laggards on the 50-scrip Nifty index at the time were Titan, UPL, Asian Paints, HDFC, Tata Consultancy Services and Hindustan Unilever, trading between 0.96 per cent and 10.14 per cent lower.On the Sensex, Asian Paints, HDFC, TCS and Kotak Bankwere the top percentage losers.HDFC, HDFC Bank and TCS weighed the most on Sensex.TCS shares fell as much as 1.94 per cent to hit an intraday low of Rs 2,133.20 on the NSE, ahead of the earnings announcement by the company for the quarter ended June 30.
The results are expected post-market hours.The Sensex and Nifty had on Monday registered their worst single-day fall of 2019 as investor sentiment was spooked by the Budget proposals, ending 2.01 per cent and 2.14 per cent lower respectively.According to analysts, Budget proposals such as higher tax incidence for high net worth individuals and foreign institutional investors, and the hike in minimum public shareholding for listed companies are spooking the markets.Globally, equities in other Asian marketsstruggled to rebound on Tuesday as investors came to terms with sharply reduced expectations the Federal Reserve will deliver a large interest rate cut at the end of July.Those views were bolstered after solid gains in US jobs for June and pushed down Wall Street for the second straight day.MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.1 per cent in early trade, after falling 0.6 per cent the previous day.
Japan's Nikkeirose 0.5 per cent.
Overnight onWall Street, the S-P 500 lost 0.48 per cent while the Nasdaq Composite dropped 0.78 per cent.(With inputs from Reuters)Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com.
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