Saturday, April 1, 2023

Sensex, Nifty fall over 1% on losses in IT, financial stocks – Usky News

MUMBAI: Benchmark stock indices Sensex and Nifty declined over 1 per cent in early trade on Friday due to heavy selling in financial, IT and capital goods stocks amid a weak global trend. The 30-share BSE barometer fell 730.17 points, or 1.22 per cent. 59,076.11 as 25 of its components were trading in red. The index opened with a decline in early trade and fell as low as 59,062.72.
The broader Nifty at the National Stock Exchange fell 201.05 points, or 1.14 per cent, to 17,388.55 in early trade. As many as 45 Nifty stocks traded in red with Adani Enterprises, HDFC twins and IndusInd Bank were the biggest losers.
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 start-ups. This dented sentiment and banking stocks took a hit on concerns that rising interest rates Loan repayments could trigger defaults, said VK Vijayakumar, chief investment strategist at Geojit Financial Services.
HDFC was the biggest loser in the Sensex pack, falling 2.53 per cent. IndusInd Bank, HDFC Bank, L&T, ICICI Bank, Reliance Industries, Axis Bank, Infosys, TCS and UltraTech Cement were among the major losers.
Tata Motors broke the rising trend by 0.75 per cent. Bharti Airtel and Maruti also moved forward.
In Asia, bourses in Hong Kong, Shanghai, Tokyo and Seoul declined following losses in US stocks. Hong Kong’s Hang Seng fell 2.45 percent, South Korea’s Kospi 1.21 percent, Shanghai 1.15 percent, Japan’s Nikkei 1.36 percent.
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 as investors worried about the prospect of more aggressive action by the Federal Reserve to fight inflation with higher interest rates . Rates.
The 30-share BSE Sensex closed 541.81 points, or 0.90 per cent, lower at 59,806.28, while broad nse The Nifty closed at 17,589.60, down 164.80 points or 0.93 per cent.
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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