Market records steepest weekly declines in over two years
At close, Sensex ended near the 78,000 mark, shedding 1.5% from the previous session, while the Nifty fell below 23,600, also down 1.5%.
Indian stocks slumped for the third straight session on Tuesday amid a decline in global markets on fears of further monetary policy tightening by various central banks.
At 9.33 am, Sensex traded at 57,859.41 points, down 131.70 points or 0.23 per cent, whereas Nifty traded at 17,201.15 points, down 39.85 points or 0.23 per cent.
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Among the Nifty 50 companies, 37 declined, 12 advanced and one traded steady, National Stock Exchange data showed. Meanwhile, the rupee has been hovering around its all-time low against the US dollar amid the flight of foreign investments.
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This morning, the Indian currency opened at 82.35, against Monday’s close of 82.32.
“The global environment continues to be weak for markets with concerns of a US recession and possible hard landing rising,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
However, Vijayakumar is optimistic about the Indian financial markets. He believes the significant factor contributing to this is that foreign institutional investors selling in India are getting completely absorbed by domestic institutional investors and retail buying.
“So even if FIIs continue to sell on a rising dollar and US bond yields, that is unlikely to have a significant impact on markets. More importantly, the fundamentals of the Indian economy and corporates continue to be sound,” Vijayakumar added.
Further, the results for the second quarter have started off well with decent numbers from TCS which have beaten various estimates on most of the parameters.
Tata Consultancy Services (TCS), the country’s largest software exporter, on Monday said its consolidated net profit jumped by 8 per cent year-on-year to Rs 10,431 crore for the quarter that ended September 30, 2022.
The company’s consolidated revenue from operations rose by 18 per cent to Rs 55,309 crore in the second quarter of 2022-23 as compared to Rs 46,867 crore in the corresponding quarter of the last year.
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