Sensex down 238 pts, PSU banks in demand

Major equity barometers continue to trade with modest losses by mid-morning. The Nifty hovered below the 16,140 mark. PSU Banks extended gains for the fifth consecutive trading session.

As of 11:28 a.m. IST, the barometer index, the S&P BSE Sensex, was down 238.37 points or 0.44% at 54,156.86. The Nifty 50 index fell 85.70 points or 0.53% to 16,130.30.

In the broader market, the S&P BSE Mid-Cap Index lost 0.01% while the S&P BSE Small-Cap Index rose 0.10%.

Market breadth was positive. On BSE, 1,690 shares rose and 1,337 shares fell. A total of 177 stocks remained unchanged.

Zoom Index:

The Nifty PSU Bank Index rose 0.70% to 2,677.55, extending its winning streak for the fifth trading session. The index jumped 7.61% in five consecutive trading sessions.

Indian Bank (+4.07%), Bank of Maharashtra (+1.86%), Canara Bank (+1.64%), UCO Bank (+1.32%) and Indian Overseas Bank (+1.12%) ), Union Bank of India (+0.82%), Central Bank of India (+0.55%), State Bank of India (+0.36%), Punjab National Bank (+0.32%) and Bank of India (+0.22%) advanced.

Global Markets:

Most Asian stocks were trading lower on Tuesday after Wall Street fell overnight. Additionally, the prospect of further monetary policy tightening by central banks, the new COVID outbreak in China and the energy shortage in Europe impacted sentiment.

U.S. stocks fell on Monday as Wall Street braced for major corporate earnings reports due later in the week, which could signal the impact of inflation on businesses.

Twitter shares fell sharply after Elon Musk ended a $44 billion deal to buy the social media company. The billionaire disputed the number of bots and fake accounts on the platform and said Twitter was not honest about the authenticity of activity on the platform. However, the company said it provided Musk with the information he needed to assess the claims.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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