Domestic markets extend losses; Sensex down 259 points in morning trade

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MUMBAI: The Indian equity market on Tuesday extended losses in the morning trade, tracking weak global cues, especially the Asian markets.

Index heavy-weights like Bajaj Twins, Tech Mahindra, M&M, SBI and HCL Technologies suffered losses in early trade.

Retail inflation in India remained above RBI’s 6 per cent upper tolerance band for the second straight month in February 2023. Government data on Monday showed Consumer Price Index pegged at 6.44 per cent. In the morning trade, Sensex went down 259 points to 57,978.30 and Nifty lost 76 points to 17,078.00.

Benchmark indices Nifty50 lowered over 50 points to trade below 17,100 levels, whereas the S&P BSE Sensex declined over 200 points to trade around 57,989 levels. Broader markets were slow in trade as Nifty Smallcap 100 and Nifty Midcap 100 indices slipped up to 1 per cent.

In US markets, Dow Jones declined 90 points, S&P gained 217 points, Nasdaq and NYSE Composite were trading in the positive territory on Monday.

In Asian markets, Hong Kong’s Hang Seng lost 313 points, S&P ASX dropped 118 points, Japan’s Nikkei declined 602 points, China’s Shanghai lost 24 points in Tuesday morning.

On Monday, European markets tumbled while most Asian stocks ended higher as investors reacted to plans by the Bank of England and the US Federal Reserve to backstop both depositors and financial institutions associated with Silicon Valley Bank (SVB).

US stocks closed sharply lower on Friday over fears of contagion in the financial sector and strong February employment data showing that the economy added more jobs than expected. (ANI)

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