Nifty Below 24,300, Sensex Drops More Than 300 Points, Airtel Down 2%
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Summary: The major Indian equity indices, the BSE Sensex and Nifty 50, were marginally down.
We expected Indian markets to open Tuesday on a high note, mirroring Wall Street's gains, given the robust Q2 earnings released by several banks yesterday and the waning tensions in West Asia.
The BSE Sensex and Nifty 50, India's two primary market indices, declined at the opening bell on Tuesday.
The Nifty 50 was down 15 points, or 0.06 percent, at open, while the BSE Sensex was down 21.55 points, or 0.03 percent, at 79,983.5.
Despite overnight gains on Wall Street, markets in the Asia-Pacific area showed mixed results.
While the Kospi was down 0.54 percent and the Kosdaq was down 0.92 percent, Japan's Nikkei 225 was up 0.49 percent. Australia's S&P/ASX 200, on the other hand, increased by 0.47 percent.
Hong Kong's Hang Seng index was up 0.49 percent, but mainland China's CSI300 was down 0.27 percent and the Shanghai Composite was down 0.16 percent.
While oil prices fell 6% after Israel's retaliatory assault against Iran reduced the use of oil and nuclear facilities, global stock indices increased on Monday as investors anticipated earnings releases from some of the largest US tech-related companies this week.
The S&P 500 increased 15.40 points, or 0.27 percent, to 5,823.52, the Dow Jones Industrial Average increased 273.17 points, or 0.65 percent, to 42,387.57, and the Nasdaq Composite increased 48.58 points, or 0.26 percent, to 18,567.19.
The MSCI global stock index increased 2.44 points, or 0.29 percent, to 847.93. The STOXX 600 index rose 0.41 percent.
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