Stocks decline in early trade; Paytm shares hit record low
The Hindu
Benchmark indices fall amid global market volatility, Paytm stock drops after RBI's action on banking arm.
Benchmark indices Sensex and Nifty fell in early trade on Tuesday as volatility persisted amid mixed trends in global markets.
The 30-share BSE Sensex opened on a positive note and climbed 116.42 points to 71,188.91 points. However, it soon took a U-turn and fell 129.92 points to 70,942.57 points.
Showing a similar trend, the broader Nifty rose 14.80 points to 21,630.85 points initially but lost ground and declined 63.25 points to 21,552.80 points.
In the Sensex pack, Tata Steel, JSW Steel, PoweGrid and Wipro were among the major losers while ICICI Bank, NTPC, ITC and Kotak Bank were trading in the green.
BSE smallcap index fell 1.65%, midcap index dropped 0.57% and largecap index slipped 0.12%.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said midcap and smallcap stocks are likely to see a sharp fall as many such scrips are excessively valued.
"Correction will give opportunities to buy fairly valued stocks in this segment like PSU banks," he noted.
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