Indian shares were subdued in early trade on Tuesday, as investors reacted to a surge in crude prices and the downgrade in India’s growth outlook by Fitch Ratings.
The benchmark S&P BSE Sensex dropped 130 points, or 0.2 percent, to 57,164, while the broader NSE Nifty index was down 35 points, or 0.2 percent, at 17,082.
Nestle India, UltraTech, Asian Paints, Tata Consumer Products and Hindustan Unilever fell 2-3 percent while ONGC surged more than 4 percent after oil prices soared more than 6 percent on Monday amid reports that EU nations are considering banning oil imports from Russia.
State-run oil marketing companies BPCL, HPCL and IOC climbed 1-3 percent after fuel prices were hiked in their first revision since December.
Metal stocks such as Hindalco and Tata Steel were up over 1 percent each.
Strides Pharma Science declined 1.5 percent after it inked a sub-license agreement with Medicines Patent Pool to market a Covid-19 drug.
Market Analysis
Sensex, Nifty Subdued In Early Trade
2022-03-22 04:11:35
