Sensex falls above 500 points, Nifty falls to 16,400

The Nifty 50 index fell 0.99 percent to 16,404.90, while the S&P BSE Sensex fell 1.05 percent, or 586.16 points, to 55,089.16.

Sensex and Nifty fell in red.

HIGHLIGHTS

  • Stock markets have seen volatile moves over the past week
  • Banks, autos and tech stocks all fell more than 1%
  • PB Fintech plunged 8.3 percent

The Sensex and Nifty fell early Tuesday as domestic investors waited for a central bank interest rate decision, while global investors were nervous on US inflation data and interest rate decisions in Europe and Australia.

The NSE Nifty 50 Index fell 0.99 percent to 16,404.90, while the S&P BSE Sensex fell 1.05 percent, or 586.16 points, to 55,089.16.

Asian stocks also fell, with MSCI’s broadest index of Asia-Pacific stocks outside Japan falling 0.8 percent, ahead of a slew of economic data around the world.

Indian stock markets have seen volatile moves over the past week as concerns mount over stubbornly high inflation, with the Reserve Bank of India expected to follow up its unscheduled rate hike in May with a further step at Wednesday’s monetary policy meeting.

Banking, auto and technology stocks fell more than 1 percent on Tuesday.

Financial services platform PB Fintech fell 8.3 percent after it said the firm’s CEO plans to sell 3.8 million shares through bulk deals on the stock exchange.

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Sybil Alvarez

"Incurable gamer. Infuriatingly humble coffee specialist. Professional music advocate."

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