Indian equity benchmarks dropped on Tuesday after falling nearly 2 per cent a day earlier, as technology, financial, and energy stocks slipped, and surging COVID-19 cases in Europe raised concerns of a hit to global economic growth.The blue-chip NSE Nifty 50 index fell 0.96 per cent to 17,255.40 by 9:26 am, while the benchmark S-P BSE Sensex declined 1.08 per cent to 57,814.18.The Nifty IT Index fell 1.5 per cent, dragged by Infosys Ltd and Coforge Ltd - down about 2.2 per cent each.The Nifty Energy Index slid 0.72 per cent, with state-run Oil and Natural Gas Corporation and Adani Transmission being among the top losers.Oil prices dropped on growing talk that the United States, Japan and India will release crude reserves to tame prices.Among other sub-indexes, banking stocks were down 0.3 per cent, led by losses in ICICI Bank.Paytm rose about 5.6 per cent after two sessions of sharp falls.
The digital payments start-up made one of the worst major stock market debuts in India last week.Vedanta Ltd rose about 6.7 per cent in early trade.Asia stocks were mostly lower, tracking a retreat on Wall Street after United States President Joe Biden nominated Federal Reserve Chair Jerome Powell to lead the central bank for a second term, reinforcing expectations the United States will taper its stimulus soon.