Sensex Plunges Over 850 pts; Nifty Near 16,400 Amid Weak Global Cues; HCL Tech, Bajaj Finance Drop 3% Each

Indian indices were in a tight grip of bears on Friday morning amid weak global cues. At 09:16 IST, the Sensex was down 736.18 points or 1.32 per cent at 54966.05, and the Nifty was down 231.00 points or 1.38 per cent at 16451.70. About 387 shares have advanced, 1643 shares declined, and 78 shares are unchanged. Today, market will eye global developments around the Russia-Ukriane conflict and possible new sanctions on Russia by the EU. The weekend factor may also weigh on equities. Investors will also eye RIL results later today.

Top Losers and Gainers

Apollo Hospitals, Hindalco Industries, Bajaj Finserv, Bajaj Finance, and HCL Tech were among the major losers on the Nifty, while the only gainer in M&M. Tata Motors, Hindalco, and Apollo Hopsitals were the additional laggards on the Nifty50.

Broader Markets

In the broader markets, the BSE MidCap and SmallCap indices fell up to 2.2 per cent. Sectorally, Nifty consumer durables, realty, IT, auto, financials, and metals were down 2-3 per cent. Remaining sectors also held sharp losses. The market breadth was extremely negative with 2,248 stocks declining on the BSE as against 384 advancing. India VIX also rose 4 per cent to 21 levels, indicating high anxiousness levels among investors.

Global Cues

South Korean shares fell more than 1 per cent on Friday, and were set for their worst week in more than two months, after the U.S. Federal Reserve raised its benchmark rate by the most in 22 years. The Korean won weakened, while the benchmark bond yield rose. The benchmark KOSPI fell 35.98 points, or 1.34 per cent, to 2,641.59.

Hong Kong stocks tumbled at the start of trade Friday, following a rout on Wall Street fuelled by worries over rising interest rates and surging inflation. The Hang Seng Index dipped 2.44 per cent, or 506.34 points, to 20,287.06. The Shanghai Composite Index fell 1.84 per cent, or 56.44 points, to 3011.32, while the Shenzhen Composite Index on China’s second exchange dropped 2.42 per cent, or 45.72 points, to 1,845.95.

Tokyo’s key Nikkei index opened lower on Friday after US stocks plunged on renewed anxiety over rising interest rates. The benchmark Nikkei 225 index fell 0.13 per cent, or 34.24 points, to 26,784.29 at the open, while the broader Topix index added 0.21 per cent, or 4.05 points, to 1,902.40. The dollar fetched 130.31 yen, against 130.20 yen in New York on Thursday.

After breathing a sigh of relief when the Federal Reserve held off on signaling more aggressive measures ahead to fight inflation, Wall Street tumbled on Thursday amid renewed anxiety over rising interest rates, while the pound slumped on fears of a UK recession. The S&P 500 fell 153.30 points to 4,146.87, while the Nasdaq slid 647.16 points to 12,317.69. The Dow briefly skidded 1,375 points before closing down 1,063.09 points, or 3.1 per cent, to 32,997.97.

Disclaimer:Network18 and TV18 – the companies that operate news18.com – are controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

Read all the Latest News , Breaking News and IPL 2022 Live Updates here.