india

Sensex falls 486 points, Nifty ends below 15,750-mark on weak global cues

Sahre market today: The S&P BSE Sensex cracked 485.82 points (0.92 per cent) to settle at 52,568.94, while the broader Nifty 50 slipped 151.75 points (0.96 per cent) to end at 15,727.90.

The benchmark equity indices on the BSE and National Stock Exchange (NSE) ended around 1 per cent lower on Thursday taking cues from the weakness in the global market.

The S&P BSE Sensex cracked 485.82 points (0.92 per cent) to settle at 52,568.94, while the broader Nifty 50 slipped 151.75 points (0.96 per cent) to end at 15,727.90. Both the indices had opened on a choppy note earlier in the day.

ICICI Bank, HDFC Bank, Reliance Industries (RIL) and Kotak Mahindra Bank were among the top index contributors to Sensex’s fall on Thursday.

In the previous session, Sensex climbed 193.58 points (0.37 per cent) to close at its fresh lifetime high of 53,054.76, and Nifty rose 61.40 points (0.39 per cent) to its record 15,879.65.

Among the sectoral indices on NSE, the Nifty Metal index was the top loser of the day falling 2.19 per cent weighed by Steel Authority of India (SAIL), Jindal Steel & Power and JSW Steel. The key Bank Nifty declined 1.39 per cent dragged by RBL Bank, Bandhan Bank, State Bank of India (SBI) and ICICI Bank.

In the broader market, the S&P BSE MidCap index ended at 22,674.31, down 83.55 points (0.37 per cent), while the S&P BSE SmallCap settled at 25,775.12, down 23.39 points (0.09 per cent). The volatility index or India VIX on the NSE surged 11.03 per cent to 13.5600.

“Pessimistic global cues dented the morale of Dalal Street with selling pressure seen across the sectors amid high volatility. Global markets were deep in the red, shadowing a weakness in the Asian markets following the widening Chinese tech crackdown and concerns over the country’s economic recovery. As we kickstart Q1FY22 results season, initial releases of IT sector and a good number of lucrative IPOs will be in focus for the coming weeks,” said Vinod Nair, Head of Research at Geojit Financial Services.

Global market

Global stocks fell on Thursday, tracking a slump in Asia in response to a widening crackdown on the tech sector in China and concern over the strength of the country’s economic recovery, while oil prices sagged on supply uncertainty.

The pace of economic recovery from the COVID-19 pandemic and its impact on inflation and central bank policymaking continues to drive markets, with the US Federal Reserve overnight signalling no immediate plans to tighten monetary policy.

All eyes will be on the European Central Bank later in the session, when it is set to release a strategy update that could allow for higher inflation.

The MSCI’s leading index of global stocks was down 0.4 per cent in early European trading, tracking a 1.6 per cent decline in the equivalent index of Asia shares outside Japan to its lowest level since mid-May.

That had been fuelled by China’s move to rein in its tech giants, with the most recent being US-listed Didi, which was ordered to pull its app from stores.

Despite its drop, the global index remains in a broad trading range established since late June and just off its record high. The STOXX Europe 600, a broad gauge of Europe’s biggest companies, meanwhile, was down 1.2 per cent.

–global market input from Reuters

Source: Read Full Article