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Mumbai: Indian equity markets fell on Tuesday tracking global stocks which declined on renewed concern over the rapid spread of the delta variant. HDFC twins, and ICICI Bank were the biggest contributors to the decline in Sensex.

The benchmark Sensex was currently at 52,210.53, down 0.7%, while Nifty declined 0.7% to 15643 points.

Asian stocks were down on Tuesday as growing fears the spreading of delta variant of the coronavirus would harm the global economic recovery sent riskier assets, including oil, skidding sharply. Stocks on Wall Street fell as much as 2% on Monday, with the Dow posting its worst day in nine months as covid-19 deaths increased in the US.

Back home, investors were also worried due to the impact of rising inflation. Bank stocks came under pressure for the second session on renewed fears of asset quality/rising slippages following Q1 results from the lenders. Metal and auto shares also declined following virus scare and inflation worry on a global basis.

"The Q1 result season has been a mixed bag so far and has led to sector /stocks specific action which is likely to continue. Also, it may provide investors with some insights into the scale of economic recovery through the management commentaries. The market has been consolidating near its life highs for the last couple of weeks. While the declines are being bought into, follow-up is missing at higher levels suggesting some fatigue creeping in," said Siddhartha Khemka, head - retail research, Motilal Oswal Financial.

"Overall, equity markets have shown strong resilience even though it faces headwinds from the advent of a possible third COVID wave and persistent inflation readings prompting a potential rate increase," Khemka added.

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