Sensex falls over 500 points, Nifty drops at 16,400

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Nifty 50 index was down 0.99 per cent at 16,404.90, while the S&P BSE Sensex fell 1.05 per cent or 586.16 points to 55,089.16.

Sensex and Nifty fell in red.

HIGHLIGHTS

  • Stock markets have seen volatile moves in the past week
  • Banks, autos and technology stocks all fell more than 1%
  • PB Fintech tumbled 8.3 per cent

The Sensex and Nifty dropped early on Tuesday as domestic investors awaited a central bank interest rate decision, while global investors were nervous ahead of the US inflation data and key rate decisions in Europe and Australia.

The NSE Nifty 50 index was down 0.99 per cent at 16,404.90, while the S&P BSE Sensex fell 1.05 per cent or 586.16 points to 55,089.16.

Asian shares also inched lower, with MSCI’s broadest index of Asia-Pacific shares outside Japan falling 0.8 per cent ahead of a slew of economic data across the globe.

Indian stock markets have seen volatile moves in the past week as worries build over stubbornly high inflation, with the Reserve Bank of India expected to follow up its unscheduled rate hike in May with another move at the policy meeting on Wednesday.

On Tuesday, banks, autos and technology stocks all fell more than 1 per cent.

Financial services platform PB Fintech tumbled 8.3 per cent after it said the firm’s chief executive intends to sell 3.8 million shares via bulk deals on the stock exchange.

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