On Tuesday, Indian stocks experienced a decline, mirroring poor performances seen in other Asian markets. This downturn followed the Bank of Japan's unprecedented decision to increase their interest rates.
In Australia, the country's central bank, the Reserve Bank of Australia, decided to maintain steady interest rates. However, they cautioned these rates may need to increase if inflation persists at high levels.
The market was further impacted by concerns stemming from China, where the country's foremost securities regulator has accused property tycoon Evergrande and its founder, Hui Ka Yan, of committing a fraud worth $78 billion over the past two years, leading to the company's demise.
The S&P BSE Sensex, a major Indian stock market index, dropped by 350 points, or 0.5 percent, to 72,397. Similarly, the NSE Nifty index degraded by 107 points, or 0.5 percent, ending up at 21,948.
Leading IT services company, TCS saw a decrease of 2.6 percent in their share prices following the news that its parent group, Tata Sons, is planning to sell shares equivalent to Rs 9,362 crore in the company. Other major businesses including Apollo Hospitals Enterprise, Cipla, HDFC Life and Nestle India also reported a 1-2 percent drop in their shares. Aditya Birla Sun Life AMC's share price fell by 2.1 percent after it was announced that its promoters planned to sell up to an 11.47 percent stake in the company.
However, not all businesses experienced losses. Tata Steel saw a 1.5 percent increase in its shares after the announcement of the closure of the Coke Ovens at their Port Talbot plant in Wales. Other companies including Hindalco, Bajaj Auto and Adani Enterprises also reported a more than 1 percent rise in their stocks.
Despite the receipt of an 8.5-crore GST notice in Gujarat, the online food delivery platform Zomato's shares managed to climb 1.7 percent. Similarly, the share value of Lemon Tree Hotels increased by 1.2 percent following the unveiling of its latest property in Agartala. Lastly, the engineering consultancy RITES had a modest increase in share price after securing an order worth Rs 67.50 crore from the National Small Industries Corporation.
