Saturday, April 1, 2023

Sensex, Nifty fall 1% on selling in IT, financial stocks amid weak global cues – Usky News

MUMBAI: Benchmark stock indices Sensex and Nifty fell over 1 per cent on Friday due to heavy selling in IT, financial and oil stocks in line with a weak trend in global markets. The 30-share Sensex ended 671.15 points, or 1.12 per cent, lower at 59,135.13 as 21 of its constituents declined. The index opened with a loss and slipped further to touch the day’s low of 58,884.98.
The broader Nifty closed 176.70 points, or 1 per cent, lower at 17,412.90, with 35 stocks ending in the red. The index moved in a range of 17,324.35 to 17,451.50 during the session.
Among Sensex stocks, HDFC Bank fell the most by 2.58 per cent, followed by SBI (2.12 per cent), HDFC (2.09 per cent) and IndusInd Bank (2.02 per cent).
Axis Bank, Bajaj Finserv, M&M, L&T, Reliance, Infosys and TCS were among the major losers.
In contrast, Tata Motors, Maruti, NTPC, Sun Pharma, Power Grid and Titan were among the gainers.
Analysts said heavy selling in financial, banking, IT and capital goods stocks from weak Asian markets and overnight losses in the US market dragged the benchmark indices lower.
“The sell-off in US markets was triggered by a 60 per cent drop in SVB Financials – a bank that mainly funds startups. This dented sentiment and banking stocks took note of concerns that rising interest rates could lead to loan repayment defaults.” may trigger a recovery,” said VK Vijayakumar, chief investment strategist at Geojit Financial Services.
Global stock markets declined on Friday ahead of US job market data amid concerns of a possible interest rate hike.
Markets in London, Shanghai, Frankfurt and Tokyo declined. Oil prices were low.
The global market’s cautious attitude towards the possibility of a sharp rate hike was further fueled by further negative cues from the US market. Vinod Nair, head of research at Geojit Financial Services, said the sell-off intensified as US unemployment and non-farm payrolls data awaited the release.
In the US, the S&P 500 fell 1.8 percent, the Dow Jones Industrial Average 1.7 percent and the Nasdaq Composite lost 2.1 percent on Thursday as investors worried about the prospect of more aggressive action by the Federal Reserve to fight inflation with higher interest rates. are worried. ,
Foreign institutional investors (FIIs) emerged as net sellers in the capital market on Thursday, selling shares worth Rs 561.78 crore, according to exchange data.


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