Closing Bell: Sensex slumps 844 pts in fag-end selloff; Nifty drops below 17K; JSW Energy tanks 6%, Zomato 5%

Due to weakness in the IT and metal sectors, the domestic stock market closed on the red mark for the third consecutive day. In the last one hour of selling on Tuesday, the Sensex fell 844 points to 57147 points, while the Nifty lost 257 points to closed at the level of 16983 points. On Tuesday, the shares of JSW saw a fall of six percent and the shares of Zomato fell by five percent. On Tuesday, out of 30 Sensex stocks, 28 stocks were seen trading on the red mark.

In the domestic stock market on Tuesday, the metal, IT and realty sector stocks showed selling pressure in the last one hour. The biggest weakness in the market came in the realty index and it broke down by 3.07 percent. Apart from this, Nifty IT index declined by 1.99%, Nifty Metal by 2.20%, Nifty Pharma by 1.55%, Nifty Auto 1.62% and Nifty Bank by 0.97%.

Earlier, after weakness in the US markets on Monday, Indian markets also opened on the red mark on Tuesday. In early trade, the Sensex was trading at 57,802.14 points, down 166.40 points. On the other hand, Nifty was trading at 17,185.65 points after falling 55.35 points. On Monday, the Nasdaq closed at its lowest level since July 2020 on fears of a hike in US interest rates and a fall in chip stocks. Dow Jones lost 94 points to 29203 and Nasdaq lost 110 points to close at 10542 level. The S&P 500 lost 0.75 percent. SGX Nifty also showed weakness on Tuesday due to weakness in US markets.

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