Indian equity benchmarks staged a gap down opening on Tuesday with Sensex falling over 400 points and Nifty trading below its important psychological level of 17,300. Reliance Industries, Infosys, ICICI Bank, Tata Consultancy Services, Bajaj Finance and HDFC were among the top drags on the Sensex amid weak global cues. Asia stocks were mostly lower on Tuesday, tracking a retreat on Wall Street after President Joe Biden picked Federal Reserve Chair Jerome Powell to lead the central bank for a second term, reinforcing expectations the U.S. will taper its stimulus soon.
As of 9:18 am, the Sensex was down 444 points at 58,021 and Nifty 50 index declined 122 points to 17,294.
MSCI’s gauge of Asia Pacific stocks outside Japan fell 0.49 per cent, while Hong Kong’s Hang Seng Index and China’s benchmark CSI300 Index opened 1.1 per cent and 0.2 per cent lower, respectively.
Australia’s S&P/ASX 200 outperformed with a 0.55 per cent gain, boosted by miners and energy stocks. Japanese markets were closed for a public holiday.
Overnight on Wall Street, the S&P 500 and Nasdaq Composite retreated from all-time highs after President Biden tapped Powell to continue as Fed chair, and Lael Brainard, the other top candidate for the job, as vice chair.