Opening bell: Amid a bearish trend among Asian counterparts, Indian equity indices trade in red

Financial and oil & gas shares cause the Sensex to decline by 300 points and the Nifty 50 to dip below 16,150.

The major equity indices are currently trading with slight losses as sentiment was influenced by negative global cues. All of the sectoral indices on the NSE were in the red, except for the Nifty Oil & Gas index. The S&P BSE Sensex, the barometer index, was down 229.16 points, or 0.42%, to 54,166.07 at 09:30 am. To reach 16,139.45, the Nifty 50 index lost 76.55 points, or 0.47%. The S&P BSE Mid-Cap index fell by 0.11% in the overall market, while the S&P BSE Small-Cap index increased by 0.01%. On the BSE, 1,345 shares increased, 1,101 shares decreased and 130 shares were unchanged.

On July 11, the Indian equity market saw net sales of shares of Rs 170.51 crore from foreign portfolio investors (FPIs) and Rs 296.99 crore from domestic institutional investors (DIIs). Metal stocks took the biggest blow on the sectoral front, suffering a 1% loss. On the other hand, the Nifty IT index remained on a muted level following Tech major TCS's Q1 earnings indicating margin pressure for the industry. The auto and banking stocks on the NSE were each down 0.56%.

Following the company's announcement that Pratik Pota has been named managing director and chief executive officer of Eureka Forbes for a term of five years beginning on August 16, 2022, shares of Eureka Forbes increased by 5.10 %. After receiving Purchase Orders of Rs 59.22 crore from one of the top private telecom operators in the nation for services to roll out its long-distance fibre network and fibre to the home (FTTH) network in various telecom circles, HFCL saw a 6.41% increase.

Tuesday saw a slight decline in the price of oil as China issued new COVID-19 limitations and concerns over a recession in the world economy impacted fuel prospects. At $103.6 per barrel, Brent futures saw a 3.2% decline. Following suit, West Texas Intermediate (WTI) futures dropped as much as 1.8% to $102.2 a barrel.