Sensex tumbles for second day as Asian sell-off deepens on China crackdown

Update: 2021-07-27 17:34 GMT

Mumbai: Domestic markets surrendered early gains to close in the red for the second straight session on Tuesday as sentiment remained risk-averse amid lacklustre corporate earnings and a deepening sell-off in Asian markets post China's regulatory crackdown on tech companies.

The 30-share BSE Sensex skidded 273.51 points or 0.52 per cent to finish at 52,578.76, while the broader NSE Nifty fell 78 points or 0.49 per cent to 15,746.45.

Dr Reddy's was the top loser among the Sensex constituents, plunging 10.44 per cent, after the company reported a 36 per cent decline in consolidated net profit at Rs 380.4 crore for the quarter ended June 30, 2021, on account of higher expenses.

Axis Bank, Kotak Bank, Sun Pharma, HDFC, M&M and Asian Paints fell up to 3.23 per cent.

On the other hand, Tata Steel, Bajaj Finserv, SBI, Bajaj Finance, Nestle India and L&T were among the major winners, climbing as much as 2.50 per cent.

Sectorally, BSE healthcare, power, energy and utilities indices fell up to 2.90 per cent, while metal, consumer durables and basic materials ended with gains. Broader BSE midcap and smallcap indices shed up to 0.67 per cent.

Elsewhere in Asia, bourses in Shanghai and Hong Kong witnessed massive selloff as data safety and other enforcement actions weighed on Chinese internet and other companies. Seoul and Tokyo ended with gains.

Stock exchanges in Europe were trading with losses in mid-session deals.

Meanwhile, international oil benchmark Brent crude advanced 0.30 per cent to $73.91 per barrel.

The rupee slipped by 5 paise to close at 74.47 against the US currency on Tuesday as the dollar strengthened in the overseas markets.

Foreign institutional investors were net sellers in the capital market on Monday as they offloaded shares worth Rs 2,376.79 crore, as per exchange data. 

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