Sensex tumbles over 470 points in early trade

Weak trends in global markets and foreign fund outflows weighed on investor sentiment.

Benchmark indices continued to decline on Tuesday, April 12, 2022, with the Sensex tumbling over 470 points in early trade, as weak trends in global markets and foreign fund outflows weighed on investor sentiment.The Sensex was trading 470.59 points lower at 58,493.98 in early trade. The Nifty declined 137.7 points to 17,537.25.

From the 30-share pack, Tata Steel, State Bank of India, Bajaj Finserv, IndusInd Bank, Larsen & Toubro, Tech Mahindra and Wipro were among the early laggards.

In contrast, Maruti Suzuki, HDFC and Kotak Mahindra Bank were the only gainers.

"Market will continue to be choppy in the near-term, pulled up and down by positive and negative news. The near-term headwind continues to be the rising US bond yields which have crossed 2.8 per cent for the 10-year and outflows from equity.

"The tech-heavy NASDAQ has turned distinctly weak and this has led to some profit booking in Indian IT stocks too. But IT is likely to do well as TCS results indicate robust deal wins and order flows," according to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

TCS quoted flat at ₹3,685.10, lower by 0.31 per cent after declaring its earnings post trading hours on Monday.

The country's largest software services firm Tata Consultancy Services on Monday opened the fourth-quarter earnings season with a stellar set of numbers, crossing the ₹50,000-crore revenue mark for the first time and recording 7.4 per cent year-on-year growth in net profit to ₹9,926 crore.