Share Market Today Updates: Indices fall for third consecutive day, Sensex crashes over 1,000 points, Nifty ends below 17,350-mark on weak global cues

Stock Market Today, Sensex, Nifty Share Prices Updates: The benchmark equity indices – Sensex and Nifty – fell for the third consecutive day, ending over 1.7 per cent on Friday weighed by a selloff across all sectors led by banking and financials amid weakness in the global market.

The S&P BSE Sensex fell 1,020.80 points (1.73 per cent) to end at 58,098.92 and the Nifty 50 settled at 17,327.35, down 302.45 points (1.72 per cent). Both the indices had opened around 0.2 per cent lower ealier in the day but soon declined as the trade progressed with the Sensex hitting an intraday low of 57,981.95 and the broader Nifty touching 17,291.65.

On the Sensex pack, Power Grid Corporation of India was the top loser on Friday crashing nearly 8 per cent. It was followed by Mahindra & Mahindra (M&M), State Bank of India (SBI), NTPC, Bajaj twins – Bajaj Finserv and Bajaj Finance, HDFC twins – HDFC Bank and Housing Development Finance Corporation (HDFC), IndusInd Bank, Axis Bank, Titan Company and ICICI Bank. In contrast, Sun Pharmaceutical Industries, Tata Steel and ITC ended in the green.

All the sectoral indices on NSE ended in a sea of red on Friday. The Bank Nifty crashed 2.67 per cent, Nifty Financial Services declined 2.48 per cent, Nifty Realty skid 2.96 per cent and Nifty Media tumbled 3.44 per cent.

In the broader market, the S&P BSE MidCap index fell 588.47 points (2.28 per cent) to end at 25,271.41 while the S&P BSE SmallCap slumped 564.59 points (1.92 per cent) to settle at 28,812.76. On NSE, the volatility index or India VIX surged 9.44 per cent to 20.59.

“A rise in the US 10-year bond yield and a strong dollar index influenced FIIs to flee emerging markets. A fall in liquidity in the banking system, a weak currency and a current premium valuation have set the market outlook bearish for the near term. With aggressive monetary policy action by central banks, the global growth engines are in a slowdown mode, whereas India is currently in a better position with a pickup in credit growth and an uptick in tax collection. The current volatility might persist for a while. Investors are advised to wait and watch until the dust settles,” said Vinod Nair, Head of Research at Geojit Financial Services.

Global Market (from Reuters)

Stocks hit two-year lows on Friday and bonds faced an eighth weekly loss, as investors digested the prospect of a far more aggressive rise in US interest rates, while currency markets remained volatile after Japan’s intervention to prop up the yen. Interest rates rose sharply this week in the United States, Britain, Sweden, Switzerland and Norway – among other places – but it was Federal Reserve’s signal that it expects high US rates to last through 2023 that set off the latest sell-off.

MSCI’s world stocks index fell to its lowest since mid-2020 on Friday, having lost about 12 per cent in the month or so since Fed Chair Jerome Powell made clear that bringing down inflation would hurt.

European stocks were a sea of red for a second day, under pressure from losses in everything from bank stocks to natural resources and technology shares. The pan-regional STOXX 600 was down about 0.5 per cent in early trade, while Frankfurt’s DAX lost 0.6 per cent, ranking it as one of Europe’s worst-performing indices. London’s FTSE lost 0.1 per cent, against a backdrop of the pound tumbling to another 37-year low.

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