Sensex crashes over 1,000 points, Nifty cracks 300 points to trade below 16,000
Indian markets fell sharply in early trade on Thursday in line with an extremely weak trend in the global markets. While Sensex crashed over 1,000 points, Nifty slipped below 16,000.
Equity benchmarks opened on a lower note on Thursday with the 30-share BSE Sensex sinking over 1,000 points in the opening trade in line with an extremely weak trend in the global markets. The broader NSE Nifty dipped over 300 points to slip below the 16,000-level.
Notably, stock exchanges in the US had ended significantly lower on Wednesday. Asian markets in Seoul, Shanghai, Hong Kong and Tokyo were also trading lower. Persistent foreign fund outflows and a spurt in crude oil prices also dampened sentiment in the domestic market.
The 30-share BSE benchmark was trading 1,154.78 points lower at 53,053.75. The broader NSE Nifty tumbled 335.65 points to 15,904.65.
From the Sensex firms, Tech Mahindra, Bajaj Finserv, Infosys, Wipro, Tata Steel, HCL Technologies, Bajaj Finance and State Bank of India were the major laggards in early trade. ITC emerged as the only gainer from the 30-share pack.
Brent crude jumps 1.61%
Meanwhile, international oil benchmark Brent crude gained 1.61 per cent to USD 110.87 per barrel.
Earlier on Wednesday, equity benchmarks surrendered early gains to close with modest losses, snapping their two-day winning streak. Sensex soared in opening trade before succumbing to bouts of volatility in the afternoon session. It finally settled 109.94 points or 0.20 per cent lower at 54,208.53. On similar lines, the Nifty dipped 19 points or 0.12 percent to finish at 16,240.30.
The rupee on Wednesday too declined by 16 paise to close at its fresh lifetime low of 77.60 against the US dollar amid unabated foreign fund outflows and a stronger greenback in overseas markets.
In another related development, S&P Global Ratings on Wednesday cut India’s growth projection for the current fiscal to 7.3 percent from 7.8 percent earlier on rising inflation and the longer-than-expected Russia-Ukraine conflict.
News Sources – India Tv News
