Sensex, Nifty decline amid concerns over global economic growth

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Benchmark stock indices continue to decline as investors remain concerned about global economic growth and inflation.

The Nifty Energy Index slipped 0.72%, with state-owned Oil and Natural Gas Corporation and Adani Transmission among the biggest losers. (Photo: Reuters)

Indian stocks fell on Tuesday after falling nearly 2% a day earlier, as tech, financial and energy stocks fell, and the surge in COVID-19 cases in Europe raised fears of a blow to the global economic growth.

The blue chip NSE Nifty 50 index fell 0.96% to 17,255.40 at 9:26 a.m., while the benchmark S&P BSE Sensex fell 1.08% to 57,814.18.

The Nifty IT index fell 1.5%, led by Infosys Ltd and Coforge Ltd – down around 2.2% each.

The Nifty Energy Index slipped 0.72%, with state-owned Oil and Natural Gas Corporation and Adani Transmission among the biggest losers.

Oil prices have fallen on rumors that the United States, Japan and India are releasing crude reserves to bring prices under control.

Among other sub-indices, bank stocks fell 0.3%, due to losses at ICICI Bank.

Paytm rose about 5.6% after two sessions of steep declines. The digital payments startup made one of the worst major stock market debuts in India last week.

Vedanta Ltd rose around 6.7% in early trading.

Asian stocks were mostly down, following a pullback on Wall Street after US President Joe Biden appointed Federal Reserve Chairman Jerome Powell as central bank head for a second term, raising expectations that the United States will soon reduce its stimulus.

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