Indian shares opened lower on Tuesday, tracking weak global cues and amid concerns that the second wave of the coronavirus pandemic could bring down India's GDP growth.
The benchmark S&P BSE Sensex dropped 400 points, or 0.8 percent, to 49,102 in early trade, while the broader NSE Nifty index was down 117 points, or 0.8 percent, at 14,825.
Financials and metal companies led declines, with Kotak Mahindra Bank, HDFC, Tata Steel, JSW Steel and Hindalco falling 2-4 percent.
Tata Motors and Maruti Suzuki India fell about 1 percent. The total vehicle registrations in India fell by 29.85 percent in financial year 2020-21 — the lowest in the past eight years — the Federation of Automobile Dealers Associations (FADA) said.
InterGlobe Aviation advanced 1.6 percent after its board approved a proposal to raise funds up to Rs. 3,000 crore through a Qualified Institutions Placement.
PNB tumbled 3.4 percent after opening its QIP issue.
Godrej Consumer Products and Siemens were slightly higher ahead of their quarterly results due today.
HFCL gained half a percent as it posted a multifold jump in its consolidated net profit in the quarter ended March 31, 2021.
Tata Steel lost 2.4 percent. S&P Global Ratings said that continued strength in steel prices will support the company's commitment to deleverage.
Federal Bank gained 0.6 percent after it inked a strategic tie-up with UAE-based Mashreq Bank to facilitate money transfers from the UAE to India.
For comments and feedback contact: editorial@rttnews.com
Market Analysis