Sensex falls over 350 points, Nifty Trades below 16,600; GDP data in brief

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Sensex and Nifty started on a lower note today.

New Delhi:

Indian equity benchmarks traded lower on Tuesday in the opening deals ahead of gross domestic product (GDP) figures for the quarter ending March 31, 2022. Asian stocks fell after a high inflation in Germany heightened fears of impending interest rate hikes.

Nifty futures trends on the Singapore Stock Exchange (SGX Nifty) indicated an early gap down for national indices.

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Fourth quarter GDP data is due at 5:30 p.m. today.

The 30-stock BSE Sensex slipped 359 points or 0.64% to 55,566, while the broader NSE Nifty rose 92 points or 0.55% to trade at 16,570.

Mid and small cap stocks were trading slightly positive, with the Nifty Midcap 100 up 0.17% and small caps up 0.10%.

10 of 15 sector gauges – compiled by the National Stock Exchange – were trading in the red. The Nifty IT and Nifty Financial Services sub-indices underperformed the NSE platform falling as much as 1.15% and 0.85%, respectively.

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On the equity-specific front, Sun Pharma was the big loser as the stock fell 2.09% to Rs 869.75. Titan, HCL Tech, TCS and Kotak Mahindra Bank were also among the losers.

The overall market breadth was weak as 1,303 stocks were up while 1,130 were down on BSE.

On the 30-stock BSE index, Infosys, Titan, HDFC, Sun Pharma, HCL Tech, Bajaj Finance, TCS, Bajaj Finserv, Kotak Mahindra Bank, Wipro, Hindustan Unilever and Bharti Airtel were among the major laggards.

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In contrast, M&M, PowerGrid, Tata Steel, Maruti and NTPC were trading in the green.

Sensex had zoomed 1,041 points or 1.90% to close at 55,926 on Monday, while Nifty was up 309 points or 1.89% to settle at 16,661.

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