Leaders Online Desk: The Indian stock market fluctuated on Tuesday (21st) against the background of US Federal Reserve's cautious stance on interest rates and selling by foreign investors. The Sensex then closed down 52 points at 73,953. While the Nifty settled flat at 22,529 with a minor gain of 27 points. BSE Midcap closed 0.3 percent higher and Smallcap 0.2 percent higher.
Which stocks are booming?
JSW Steel, Tata Steel, Power Grid, NTPC, SBI, Tech Mahindra were the top gainers on the Sensex. While shares of Nestlé India, Maruti, IndusInd Bank, ICICI Bank, Ultratech Cement fell.
Hindalco, Coal India, JSW Steel, Tata Steel, Adani Ports remained the top gainers on Nifty. Nestlé India, Hero MotoCorp, Maruti shares fell.
VIX index at 23-month high
The Indian stock market's Volatility Indicator (VIX) national index hit a near two-year high. The India Volatility Index or India VIX rose nearly 8 percent to 22.3 in intraday trade. It hit a 23-month high ahead of June 4 election results and selling by foreign investors. The recent selling of Indian stocks by foreign investors has boosted the stock market's fear index 'Weeks'.
Pressure on IT shares
Benchmark indices Sensex and Nifty 50 were lower in afternoon trade today on losses in financial services and IT shares. US Federal Reserve officials have taken a cautious stance on inflation. As a result, shares of IT companies fell on concerns that interest rates would stay high for longer. Because IT companies earn more revenue from America. TCS, Infosys shares fell on Nifty IT. While Mphasis, Tech Mahindra shares rose.
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