The Indian benchmark indices declined sharply on Tuesday as the Sensex tumbled more than 700 points points to close at 74,003 and the Nifty declined over 279 points to settle trade at 23,118 at 3:30 PM.
Previously, during the early morning session, Sensex rallied more than 400 points and opened trading above 75,200, while the NSE Nifty50 jumped a little over 100 points and crossed 23,500, as of 9:15 AM.
Clarity emerging over the appointment of HDFC Bank’s next Managing Director and CEO could provide a positive trigger for the Indian equity markets, V K Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, said.
He said a quick acceptance of the name of the successor by the Reserve Bank of India (RBI) could significantly influence the benchmark index.
“A positive for the Indian market is that there is clarity emerging on the choice of HDFC Bank MD and CEO. A quick acceptance of the name of the successor by the RBI can influence the benchmark index significantly,” Vijayakumar said.
Brent Crude Trades Higher At USD 107
Meanwhile, Brent crude, the global oil benchmark, traded 1.30 per cent higher at USD 107 per barrel.
In Asian markets, South Korea’s Kospi and Japan’s Nikkei 225 index quoted in positive territory, while Shanghai’s SSE Composite index and Hong Kong’s Hang Seng index traded lower.
US markets ended lower on Monday.
Markets Closed On Ganesh Chaturthi; FIIs Sell Equities
The domestic equity markets were closed on Monday on account of Ganesh Chaturthi.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 930.90 crore on Friday, according to exchange data.
On Friday, the Sensex declined 120.83 points, or 0.16 per cent, to settle at 74,781.76. The Nifty dipped 79.70 points, or 0.34 per cent, to end at 23,398.10.
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