Sensex tumbles 396 points; Nifty slips below 18,000

Equity benchmark Sensex tanked 396 points on Tuesday tracking losses in index majors Reliance Industries, ICICI Bank and SBI amid a mixed trend in global markets. The 30-share index ended 396.34 points or 0.65 per cent lower at 60,322.37. The 50-issue Nifty fell 110.25 points or 0.61 per cent to 17,999.20.

Reliance Industries was the top loser in the Sensex pack, shedding over 2 per cent, followed by SBI, UltraTech Cement, IndusInd Bank, NTPC and Sun Pharma. On the other hand, Maruti, M&M, Tech Mahindra, Bajaj Finance, Infosys and Bajaj Finserv were among the gainers.

“As Investors try to figure out the valuation disconnect between the recently listed digital entities versus their traditional counterparts who built distribution reach offline, the euphoria around the former seems to have set minds thinking,” said S Ranganathan, Head of Research at LKP Securities.

“As the street worries on inflationary pressures leading to companies raising prices and their consequent impact on demand, we saw a highly volatile trading session today,” he added.

Elsewhere in Asia, bourses in Shanghai and Seoul ended in the red, while Hong Kong and Tokyo closed on a positive note.

Stock exchanges in Europe were trading with gains in mid-session deals. Meanwhile, international oil benchmark Brent crude rose 0.72 per cent to USD 82.64 per barrel.

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