Nifty begins at 21,561, the Sensex at 70,979, and Paytm is down 7%

Tuesday’s early trading saw a decline in the benchmark indexes Sensex and Nifty as volatility continued amidst erratic tendencies in international markets.

The 30-share BSE Sensex gained 116.42 points to start at 71,188.91 points, continuing its upward trajectory. It quickly made a U-turn, however, dropping 129.92 points to 70,942.57 points.

The wider Nifty initially gained 14.80 points to 21,630.85 points, then lost momentum and fell 63.25 points to 21,552.80 points, exhibiting a similar pattern.

Tata Steel, JSW Steel, PoweGrid, and Wipro were some of the biggest losses in the Sensex pack, while ICICI Bank, NTPC, ITC, and Kotak Bank were all doing well.

The BSE smallcap index decreased by 1.65%, the midcap index by 0.57%, and the largecap index by 0.12%.

Geojit Financial Services Chief Investment Strategist V K Vijayakumar predicted a steep decline in midcap and smallcap equities since many of these scrips are overvalued.

“Correction will give opportunities to buy fairly valued stocks in this segment like PSU banks,” he said.

Asia’s Nikkei 225 of Tokyo and the Shanghai Composite of China were trading higher, while the Hang Seng of Hong Kong was trading down.

The CAC 40 in France and the DAX in Germany both saw gains at the close of Monday’s trading session, ending the day on a positive note for European markets.

The US market had a mixed finish on Monday.

The benchmark for global oil, Brent crude, increased 0.9% to USD 82.07 a barrel on Tuesday.

Monday saw the Nifty conclude 166.45 points, or 0.76 percent, down at 21,616.05 points, while the Sensex closed 523 points, or 0.73 percent, lower at 71,072.49 points.

According to exchange statistics, Foreign Institutional Investors (FIIs) purchased securities worth ₹126.60 crore on Monday, making them net purchasers.