Market ends weak amid selling across sectors
At close, the Sensex was down 820.97 points or 1.03% at 78,675.18, and the Nifty was down 257.80 points or 1.07% at 23,883.50.
Indian stock indices were mostly stable this morning after falling the previous session for the second consecutive day as a result of the US Federal Reserve’s continuing rising of key interest rates in an effort to combat the country’s multi-decade high inflation.
In its most recent monetary policy meeting, the US Fed increased the key policy rate by 75 basis points, bringing it to a level over a decade high of 3.75–4.0%.
Notably, this is the fourth hike of this size in a row. In India, the Sensex was down 14.99 points, or 0.025 percent, at 9.42 am, while the Nifty was up just 1.60 points, or 0.0089 percent, at 18,054.30 points.
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According to data from the National Stock Exchange, Hero Motocorp, Divi’s Labs, Infosys, Tech Mahindra, and Apollo Hospitals were the top five losers among the Nifty 50 equities this morning.
On the other hand, the top five gainers were Bajaj Finserv, Hindalco, JSW Steel, Ultratech Cement, and Bajaj Finance.
An ongoing outflow of capital from Indian markets was caused by tightening monetary policy in advanced economies, a rise in the demand for commodities priced in dollars, and strength in the US dollar.
In periods of significant market uncertainty, investors often favour stable markets.
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