Sunday, March 26, 2023

Sensex closes below 59,000, down nearly 900 points; Nifty tests 17,000 – Usky News

MUMBAI: Falling for the third straight session, equity benchmark Sensex on Monday closed below the 59,000-mark, down nearly 900 points due to massive selling in banking, finance and auto stocks. Besides, unabated foreign fund outflows amid fears of a global rate hike and a weak domestic currency added to the gloom, traders said.
After rallying 375 points in early trade, the BSE Sensex could not contain the gains and settled 897.28 points, or 1.52 per cent, lower at 58,237.85, as 29 of its constituents declined, while only one advanced. It touched a low of 58,094.55 and a high of 59,510.92 in the day’s trade.
The NSE Nifty closed 258.60 points, or 1.49 per cent, lower at 17,154.30, with 45 stocks ending in the red.
IndusInd Bank was the biggest loser in the Sensex pack, shedding 7.46 per cent, followed by SBI, Tata MotorsM&M’s Bajaj FinservAxis Bank and Infosys.
opposite of this, Tech Mahindra was the only winner.
In the broader market, the BSE Smallcap gauge declined by 2.08 per cent and the Midcap index by 1.82 per cent.
US based SVB FinancialThe US market, which mainly funds startups, crashed 60 percent last week, raising concerns over the health of the banks’ bond portfolios and its potential impact globally.
“…panic over biggest US bank failure since 2008 financial crisis prompts investors to seek safe-haven assets,” Navneet Damanisaid Senior Vice President, Commodity Research at Motilal Oswal Financial Services.
In Asian bourses, Shanghai, Hong Kong and Seoul ended in the green, while Tokyo closed lower.
European stock markets were trading with heavy losses in the afternoon trade.
Meanwhile, the rupee depreciated 10 paise to close at 82.16 against the US dollar on Monday.
International oil benchmark Brent crude fell 1.79 per cent to $81.30 a barrel.
Foreign portfolio investors (FPIs) sold shares worth Rs 2,061.47 crore on Friday, according to exchange data.


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