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NEW DELHI: Markets on Tuesday continued to bleed as the benchmark BSE Sensex opened 1,250 points lower at 33,506 while the NSE Nifty remained below the 10,300-mark. Both Sensex and Nifty tanked over 3 per cent in the opening trade in line with deep losses in world markets.
A sell-off in global markets further hit sentiments on domestic bourses on Monday which are already reeling under budget woes, pulling the Sensex down by nearly 310 points to a three-week low and the Nifty by 94 points on heavy selling, mainly in banking, capital goods, and IT counters.
Since February 1, the day Union Budget 2018-19 was presented, the 30-share Sensex has plummeted by over 1,208 points in three sessions and the Nifty has lost 361 points during the three-day period.
Investors also turned cautious ahead of the RBI policy meet this week as they feel that repo rate might be increased amid inflation concerns.
“Selling continued in the market as concern over bond yield and weak global market impacted the sentiment. Upcoming RBI monetary policy will be a key trigger for the market, the outcome of which is expected to be status quo, but any commentary over government’s fiscal policy and concern over rising yield will add volatility…,” Vinod Nair, Head of Research, Geojit Financial Services Ltd, said.
Asian shares fell sharply on Tuesday after Wall Street suffered its biggest decline since 2011 as investors’ faith in factors underpinning a bull run in markets began to crumble.