Indian equity market ended on a weak note on Thursday, extending its previous day’s decline amid weak global markets after the US Fed raised interest rates by 75 basis points.
Sensex declined 69.68 points to end at 60,836.41. During the day, it tanked 420.95 points to 60,485.14. Nifty dipped 30.15 points or 0.17 per cent to close at 18,052.70.
Top Losers
Tech Mahindra (2.66 percent), PowerGrid (2.04 percent), NTPC (1.47 %), Infosys (1.41%) and Wipro (1.33%) were among the top Sensex losers.
Top Gainers
State Bank of India (1.8%), Titan (1.53%) , Bharti Airtel (1.05%), Tata Steel (0.99%) and Hindustan Unilever (0.95%) were among the top gainers.
Vinod Nair, Head of Research at Geojit Financial Services said, “Fed’s refusal to tone down the rate hike narrative shattered the global markets as investors were in expectation of a dovish commentary. Powell cautioned that the desired Fed rate level is higher than expected, even though he indicated a rate hike of less than 75 bps in the upcoming meetings. On the back of concerns about the US recession, IT stocks led the domestic selloff, while FII support helped limit the losses.”
Midcap and small cap indices on BSE gained 55 points and gained 32 points, respectively. IT and auto shares were the top sectoral losers with their BSE indices falling 330 points and 139 points, respectively.
Market breadth was positive with 1,772 stocks ending higher against 1,682 stocks falling on BSE. 130 shares were unchanged. Market cap of BSE-listed firms fell to Rs 281.57 lakh crore. Foreign institutional investors (FIIs) were net buyers on Wednesday as they bought shares worth Rs 1,436.30 crore, as per exchange data.
Previous session
Indian equity market ended lower on Wednesday snapping a four-day rally amid a mixed trend in global equity markets. Despite a positive start, Sensex erased all the gains and closed 215.26 points or 0.35 per cent lower at 60,906.09. During the day, the index slipped 326.96 points or 0.53 per cent to 60,794.39. Nifty fell 62.55 points or 0.34 per cent to settle at 18,082.85.
Global markets
Elsewhere in Asia, markets in Seoul, Shanghai and Hong Kong ended lower. Stock exchanges in Europe were trading in the negative territory in mid-session deals. Wall Street had ended significantly lower on Wednesday. International oil benchmark Brent crude was trading 1.16 per cent lower at $95.04 per barrel.
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