Sensex, Nifty extend losses into second day on rate hike fears
Sensex and Nifty stock indices fell under selling pressure for the second consecutive session on Friday as a downward trend in global stocks and concerns about interest rate hikes by central banks worried investors.
Besides, selling pressure in the major indices Reliance IndustriesAnd Infosys And L&T. Traders said that the fundamental indexes also pushed lower.
30 servings BSE Sensex It fell 259.52 points, or 0.41 percent, to settle at 62,979.37 points. On the day, it fell 364.77 points, or 0.57 percent, to 62,874.12 points.
the NSE Nifty The price fell 105.75 points, or 0.56 percent, to close at 18,665.50 points.
Vinod said, “Global central banks are currently focused on tackling inflation and have reiterated their commitment to reaching their target levels, as evidenced by the hawkish comments from (US Federal Reserve Chairman Jerome) Powell and the unexpected rate hike by the Bank of England.” Nair, Head of Research at Geojit Financial Services.
Tata Motors The biggest loser was the Sensex package, down 1.77 percent, followed by SBI, Power Grid, Tata Steel, Infosys, UltraTech Cement, Titan, Larsen & Toubro, Reliance Industries and Maruti.
On the other hand, IndusInd Bank, Bharti Airtel, Asian Paints, NTPC, HCL Technologies, HDFC and Sun Pharma were the gainers.
A downward revision of earnings guidance by major US technology company Accenture has raised concerns about potential profit cuts in the Indian IT sector, putting pressure on IT stocks.
“However, the local market is not expected to witness a major correction due to favorable domestic economic indicators and correction of international commodity prices to maintain earnings growth on a quarterly basis,” Nair added.
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong closed lower.
European benchmark stock indices also traded in the red. US markets ended mixed overnight on Thursday.
Brent crude, the global benchmark, fell 1.11 percent to $73.32 a barrel.
Foreign Institutional Investors (FIIs) offloaded shares worth Rs 693.28 crore on Thursday, according to exchange data.