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Benchmark indices fall in early trading amid weak global markets

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Equity benchmark indices fell in early trading Wednesday, swept up by index majors Reliance Industries and HDFC Bankamid weak global market trends.



After a weak start, the 30-share BSE Sensex fell further 474.1 points to 58,722.89. On similar lines, the wider NSE Nifty fell by 171.3 points to 17,484.30.

From the Sensex Pack, IndusInd Bank, Bharti Airtel, HCL Technologies, Axis Bank, Tech Mahindra, Kotak Mahindra Bank, HDFC, Infosys, HDFC Bank and Reliance Industries were major laggards in early trading.

Power Grid, Asian Paints, Nestle and UltraTech Cement were among the winners.

Elsewhere in Asia, markets in Seoul, Shanghai, Tokyo and Hong Kong were lower during mid-session deals.

US stocks ended lower on Tuesday.

“If global stock prices correct, India will also correct. But India will fall less as declining crude oil, decent economic growth, impressive corporate earnings and the enthusiasm of private investors will support the market at lower levels,” he said. VK VijayakumarChief Investment Strategist at Geojit Financial Services.

The BSE benchmark was 48.99 points or 0.08 percent lower on Tuesday at 59,196.99. The useful fell 10.20 points or 0.06 percent to 17,655.60.

Meanwhile, the international oil benchmark Brent oil fell 1.28 percent to U.S. dollar 91.61 per barrel.

Foreign institutional investors (FIIs) were net buyers as they bought shares worth Rs 1,144.53 crore on Tuesday, according to exchange data.

“Domestic stocks are likely to follow the global market slump early in trading Wednesday, amid recurring concerns that major central banks are cutting interest rates to deal with rising inflation that could lead to a global slowdown,” Prashanth said. Tapse – Research Analyst, Senior VP (Research), Mehta Equities Ltd in his pre-market opening commentary.

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