Mumbai: Sensex lost 205.10 points, or 0.49 percent, to 41323.81 on Tuesday (January 21), while the Nifty dropped to 12169.70, losing 54.80 points. The top gainer stocks were Bharti Infratel, Zee Entertainment and BPCL, while Tata Steel, Mahindra & Mahindra and Tata Motors were major stragglers.
Approximately 1,082 shares rose, 1,364 shares fell, and 168 shares remained unchanged, while Bharti Airtel and Reliance Industries were considered the most active shares.
In the early morning hours of Tuesday, the stock reference indices remained unchanged after the International Monetary Fund (IMF) lowered its global growth forecasts for 2019 to 2.9 percent and for 2020 to 3.3 percent.
At 10:15 a.m., the BSE S & P Sensex dropped 91 points to 41,438 points, while the Nifty 50 dropped 15 points to 12,209 points. Industry indices on the National Stock Exchange were mixed.
Asian Paints' shares fell 1.9 percent to 1,813.90 rupees per share. UPL decreased 1.7 percent, Mahindra and Mahindra 1.5 percent, Tata Steel 1.3 percent and Hero MotoCorp 1.1 percent. However, Bharti InfraTel increased by 5.7 percent to Rs 234.60. Zee Entertainment, Coal India, IndusInd Bank and ICICI Bank posted marginal gains.
Meanwhile, Asian stocks started cautiously without Wall Street taking the lead, and after the IMF revised the outlook for global growth this year.
The broadest MSCI Asia Pacific stocks outside of Japan fell 0.9%, while Japanese Nikkei dropped 0.8% and Shanghai blue chips 0.9%. E-mini futures for the S & P 500 declined by 0.3%.
Sentiment was subdued after the International Monetary Fund cut its global growth forecasts, mainly due to a surprisingly strong slowdown in India and other emerging markets.
The IMF grew 3.3% this year from 3.4% and lowered its forecast for 2021 from 3.6% to 3.4%. Nevertheless, the outlook for China was raised to 6%.
Against a currency basket, the dollar remained stable at 97.627 after hitting a 4-week high at 97.729.
Spot gold rose to $ 1,566.71 an ounce and moved back towards the seven-year high of $ 1,610.90 reached last week.
Oil prices hesitated after realizing the risk of a supply disruption in Libya. Brent crude futures fell 10 cents to $ 65.10 a barrel, while US crude oil prices rose 11 cents to $ 58.65.
(With agency input)