Sensex fell by 575 points and closed near 59 thousand, fell by 575 points and closed near 59 thousand

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share market- India TV Paisa

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share market

Highlights

  • Sensex based on 30 shares closed at 59,034.95 points
  • National Stock Exchange’s Nifty closed at 17,639.55 points
  • Concerns grew about the aggressive stance of the US Federal Reserve

new Delhi. Domestic stock markets fell for the third consecutive day on Thursday and the BSE Sensex closed down by more than 575 points. Markets ended lower with losses in index heavyweights HDFC, HDFC Bank, TCS and Reliance Industries amid a weak trend in global markets. According to experts, the details of the meeting of the US Federal Reserve have indicated a more rapid policy rate hike, ie, interest rates, contrary to expectations, to deal with rising inflation amid uncertainty at the global level. This affected investor sentiment. Apart from this, investors are awaiting the outcome of RBI’s monetary policy review meeting. The monetary policy review will be released on Friday.

HDFC falls for the second consecutive day

The 30-share Sensex closed at 59,034.95, down 575.46 points, or 0.97 per cent. During trading, it had slipped up to 633.06 points or 1.06 per cent. The Nifty of the National Stock Exchange also closed at 17,639.55, down 168.10 points, or 0.94 per cent. HDFC Ltd., HDFC Bank declined for the second consecutive day out of thirty Sensex stocks. Both of them came down by about three percent. Apart from this, Titan fell the most by 3.24 percent. Wipro, TCS, Reliance Industries Ltd. and PowerGrid were also among the losers. On the contrary, Axis Bank, Hindustan Unilever, ICICI Bank, Mahindra & Mahindra and Dr. Reddy’s are among the gainers. Of these, there was an increase of up to 2.38 percent.

Panic due to halt of US Federal attack

Kotak Securities Ltd. Head of Equity Research (Retail) Shrikant Chauhan said, “Aggressive stance by the US Federal Reserve has raised concerns about the sharp hike in interest rates. This led to a decline for the third consecutive trading session. Furthermore, investors sold off ahead of the monetary policy announcement. However, most experts believe that the MPC (Monetary Policy Committee) may keep the policy rates unchanged. Vinod Nair, Head of Research, Geojit Financial Services said, “The market was volatile before the announcement of the decision taken in the monetary policy review meeting of RBI. Selling in the metals, power and oil and gas sectors, which have performed well in the recent past, was heavily influenced by the sell-off. The shares of medium and small companies also declined.

Global market fall

In other Asian markets, Hong Kong’s Hang Seng, South Korea’s Kospi, China’s Shanghai Composite Index and Japan’s Nikkei were among the losers. Major markets in Europe also declined in early trade. Brent crude, the international oil standard, rose 0.93 percent to $ 102 a barrel. Foreign institutional investors sold shares worth Rs 2,279.97 crore on Wednesday, according to stock market data.



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