Apollo Hospitals, Bajaj Twins Drag Nifty Below 16,500; Sensex crushes 1,000 points in global sale


Benchmark Indian equity indices started Friday’s session with deep declines following steep losses in US markets and Asian equities.

As of 9:16 a.m., the 30-stock Sensex was down 736.18 points or 1.32% at 54,966.05, and the broader Nifty was down 231 points or 1.38% at 16,451.70.

The breadth of the market was overwhelmingly negative with 2,248 shares down on BSE versus 384 up. India VIX – also known as the Fear Gauge – gained 4% to 21 levels, indicating high anxiety among investors.

All frontline stocks were trading in the red. Apollo Hospitals, Hindalco Industries, Bajaj Finserv, Bajaj Finance and HCL Tech were among the major losers in the Nifty.

Mahindra and Mahindra were the only winners.

In broader markets, the BSE MidCap and SmallCap indices fell 2.2%. In the middle of the ssector indices, Nifty Consumer Durables, Real Estate, IT, Automotive, Financials and Metals all fell 2-3%.

Global Markets

Asian stocks fell on Friday as U.S. dollar and Treasury yields rose in an overnight reversal after investors raised concerns that rising interest rates could hurt global economic growth .

MSCI’s broadest index of Asia-Pacific stocks outside Japan lost 2.34% on Friday morning and is down 3.5% from last Friday’s close. Japan’s Nikkei were flat when they returned from a three-day vacation.

Oil prices fell early in Asian trading on Friday, with concerns over an economic slowdown that could dampen demand for crude rivaling concerns over new European Union sanctions against Russia, including an oil embargo raw. Brent crude futures fell 0.3% to $110.53 a barrel.

The Bank of England on Thursday raised interest rates to their highest level since 2009 at 1% to counter inflation which is now above 10% even as it warned that Britain was at risk of falling into recession.


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