Sensex Today: Selling pressure intensified in late noon deals on Friday after reports emerged of fresh Russian onslaught on Ukrainian soil. According to media reports, at least three cities in Ukraine faced major missile attack on energy facilities and infrastructure. Meanwhile, recession fears in the US and Euro region, coupled with growth slowdown concerns back home, weighed on the sentiment.
Against this backdrop, the S&P BSE Sensex dropped 461 points, or 0.75 per cent, to settle at 61,338. The Nifty50, too, slumped 146 points or 0.79 per cent to end at 18,269.
Dr Reddy’s Labs, M&M, Asian Paints, SBI, TCS, Titan, Power Grid, and Ultratech Cement fell the most among the 27 losers within the Sensex pack. Adani Ports, BPCL, Bajaj Auto, and Hero MotoCorp were the additional laggards on the Nifty.
Tata Motors, HDFC Bank, HUL, and Tata Steel were the only large-cap gainers on the benchmark indices.
Meanwhile, in the broader markets, the BSE MidCap index declined 1.4 per cent, while the BSE SmallCap index dipped 0.9 per cent.
Among sectors, the Nifty PSU Bank index sunk the most, down nearly 3 per cent. This was followd by losses in the Nifty Realty, Pharma, and Media indices, down over 1 per cent each.
Vinod Nair, Head of Research at Geojit Financial Services, said: “Global markets extended their rout as the ECB and BoE followed the Fed in raising policy rates by half a percent while maintaining a hawkish tone on inflation.
The aggressiveness of central banks in combating inflation has raised concerns about the global economy’s health. Despite attempts to recoup losses, a lack of global support pushed the indices back into negative territory.”
Global Cues
Asian stocks dropped Friday after hawkish signals from central banks sparked a rout in European and US equities.
Tokyo stocks opened lower on Friday, extending sharp falls on Wall Street driven by lacklustre US retail sales data and fears central bank interest rate hikes will prompt a global recession. The benchmark Nikkei 225 index was down 1.34 percent, or 376.58 points, at 27,675.12 in early trade, while the broader Topix index fell 0.98 percent, or 19.12 points, to 1,954.61.
US stock indexes closed sharply lower on Thursday, with each of the major averages suffering their biggest daily percentage drop in weeks, as fears intensified that the Federal Reserve’s battle against inflation using aggressive interest rate hikes could lead to a recession.
Read all the Latest Business News here
Comments
0 comment