Sensex crashes 1,017 points to close at 54,303 dragged by IT, financial stocks; Nifty settles at 16,202

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NEW DELHI: Equity indices dragged lower on Friday with the benchmark BSE sensex falling over 1,000 points amid sluggish investor sentiment in global markets.
The 30-share BSE index plunged 1,017 points or 1.84 per cent to close at 54,303. While, the broader NSE Nifty settled 276 points or 1.68 per cent lower at 16,202.
Kotak Bank, Bajaj Finance, HDFC, Reliance, Wipro and Infosys were the top laggards in the sensex pack falling as much as 3.96 per cent.
Whereas, Asian Paints, Ultra Cemco, Dr Reddy, Titan and HUL were the major gainers rising up to 0.78 per cent.
On the NSE platform, all sub-indices finished in red with Nifty IT, Financial Services, Oil & Gas falling over 2 per cent each.
According to experts, worries that aggressive tightening of monetary policies to combat stubborn inflation could stifle economic growth have weighed on global investor sentiment this week.
“Global stock markets are seeing negative moves post the ECB meeting. Until the next US Fed outcome, Indian markets could remain directionless,” Narendra Solanki, head of equity research (fundamental) at Anand Rathi Investment Services told Reuters.
Besides, reports that India’s current account deficit is likely to hit a three-year high of 1.8 per cent or $43.81 billion in FY22, as against a surplus of 0.9 per cent or $23.91 billion in FY21, according to an India Ratings report, also weighed on investor sentiments.
In addition, Fitch Ratings upped the outlook on India’s sovereign rating to ‘stable’ from ‘negative’ after two years. However, it cut the economic growth forecast to 7.8 per cent for the current fiscal (April 2022 to March 2023) from the 8.5 per cent prediction it made in March due to the inflationary impact of the global commodity price shock.
Shares of Life Insurance Corporation of India (LIC) plunged for the 9th straight session to close at another record low of Rs 709.70.
Oil and gas stocks came under pressure after the basket of crude oil that India buys has hit a decade high of $121 per barrel, but retail selling prices of petrol and diesel continue to remain frozen.
Meanwhile, foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 1,512.64 crore on Thursday, as per exchange data.
(With inputs from agencies)







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