In sync with the downward trend in Asian markets and the recent outflow of foreign funds, India's benchmark equity indices, Sensex and Nifty, experienced a decline in early trading on Tuesday.
Investor caution was palpable ahead of the US Federal Reserve's impending interest rate decision this week.
The 30-share BSE Sensex dropped by 420.56 points to 72,327.86 upon opening. Similarly, the NSE Nifty witnessed a decline of 126.35 points, settling at 21,929.35.
Leading the downturn in the Sensex were prominent stocks like Tata Consultancy Services, Nestle, Bajaj Finserv, Wipro, Maruti Suzuki India, Reliance Industries, Larsen & Toubro, and NTPC. However, Tata Steel, Bajaj Finance, JSW Steel, and Bharti Airtel showed signs of improvement.
Across Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong reflected downward trends.
Contrarily, Wall Street concluded positively on Monday. Foreign Institutional Investors (FIIs) were observed to have divested equities worth Rs 2,051.09 crore on Monday, according to exchange data.
Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, remarked, "Markets' attention now shifts to the Fed's meeting outcome on March 20."
Meanwhile, the global oil benchmark, Brent crude, experienced a marginal decline of 0.14 per cent, settling at USD 86.77 per barrel.
On Monday, the 30-share BSE benchmark rose by 104.99 points (0.14 per cent) to reach 72,748.42, while the NSE Nifty climbed 32.35 points (0.15 per cent), reaching 22,055.70.
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