Why is the stock market down today?

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BSE Sensex fell 1.15% or 642.73 points to 55,032.59. The NSE Nifty 50 index fell 1.06% or 175.20 points to 16,394.35.

Sensex and Nifty were in red.

STRONG POINTS

  • Stocks of banks, autos and pharmaceuticals fell more than 1%
  • Tech stocks fell 1.8%
  • PB Fintech fell 8.3%

Key stocks on stock markets fell more than 1% on Tuesday ahead of a possible rate decision from the country’s central bank, as global investors awaited U.S. inflation data and policy rate decisions in Europe.

While the S&P BSE Sensex fell 1.15% or 642.73 points to 55,032.59. The NSE Nifty 50 index fell 1.06% or 175.20 points to 16,394.35.

THE STOCK IS DOWN

On Tuesday, stocks across the board fell, with shares of banks, autos and pharmaceuticals falling more than 1% each.

Dejected tech stocks fell 1.8% and the sub-index is already down about 24% so far this year.

Financial services platform PB Fintech fell 8.3% after it said the company’s chief executive intended to sell 3.8 million shares through bulk trades on the exchange.

Consumer stocks extended their losses for a third straight session, slipping 1.7% to a nearly two-week low.

THE MOST WINNING ACTIONS

Among the few winners, energy stocks rose with the Nifty Energy index up 1%, led by a 4.8% jump in Oil and Natural Gas Corp.

Asian stocks fell slightly, with MSCI’s broadest index of Asia-Pacific stocks outside Japan falling 0.8% ahead of a flurry of global economic data.

Indian stock markets have seen volatile moves over the past week as worries grow over stubbornly high inflation, with the Reserve Bank of India set to continue its unanticipated rate hike in May with another move at the policy meeting of Wednesday.

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