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Sensex, Nifty open lower on weak domestic, global cues

The BSE gauge Sensex fell 61.88 points to trade at 37,028 in early deals, while the NSE Nifty declined 18.45 points to 11,129.75

Domestic equity benchmarks BSE Sensex and NSE Nifty started on a choppy note on Tuesday tracking downbeat global market sentiment and foreign fund outflows.

The BSE gauge Sensex fell 61.88 points to trade at 37,028 in early deals, while the NSE Nifty declined 18.45 points to 11,129.75.

On Monday, Indian bourses registered losses for the ninth consecutive session.

In the last nine sessions, the Sensex has lost 1,940.73 points and the Nifty has given away nearly 600 points.

Top gainers in early session were Vedanta, Sun Pharma, RIL, ICICI Bank, Tata Motors, IndusInd Bank, ITC, Bharti Airtel, PowerGrid rising up to 2.85%.

On the other hand, Bajaj Auto, Asian Paints, Tata Steel, ONGC, Infosys, HCL Tech, HDFC, Coal India, Yes Bank, TCS, Bajaj Finance, NTPC, Axis Bank, were among the top losers, shedding up to 1.74%.

Indian bourses are facing headwinds both on domestic and global front as weak macroeconomic scenario, concerns over health of NBFC sector, U.S.-China trade tensions and uncertainty over Lok Sabha poll outcome have been keeping investors jittery for past many sessions, according to market experts.

Meanwhile, the Indian rupee was trading five paise higher at 70.46 against the U.S. dollar in opening deals on Tuesday.

In Asia, all leading bourses witnessed mild to heavy sell-offs on Tuesday after U.S.-China trade war further intensified.

In a retaliatory move, China on May 13 said it would raise tariffs on U.S. goods worth nearly $60 billion.

Brent Futures, global crude oil benchmark, traded higher at $70.30 per barrel, up 0.10%, on concerns about supply disruptions in view of geo-political tensions in the crucial oil producing region of the Middle East.

In recent months, the country’s financial system has been grappling with multiple woes in the wake of the turmoil at diversified IL&FS group as well as default by some other large entities.

Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management, said, “Apart from global concerns, Indian markets are also worried about the liquidity crunch on the ground affecting both, investments and consumption in the country.”

Foreign institutional investors (FIIs) net sold equities worth ₹1,056.01 crore on Monday, while domestic institutional investors (DIIs) purchased shares to the tune of ₹1,057.91 crore, as per provisional data.

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