Closing Bell: Sensex, Nifty decline on weak global cues
Closing Bell: Sensex, Nifty decline 1% on weak global cues
Indian stock markets opened gap-down on Thursday amid negative cues from Wall Street overnight. The US market indexes fell sharply after the FOMC minutes were released on Wednesday as investors worried about the interest rate hikes and asset tapering soon, probably from March 2022. The Nifty index opened at 17768.50, down by 156.95 points while Sensex made a gap down opening of 491.4 points at 59731.75 levels.
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Markets continued to trade below their negative lines on the back of selling in the Realty, IT, and FMCH counters. In the second half, markets trimmed their losses tried to rebound, the broader markets recovered and closed in the green.
The market sentiments were dampened as ICRA Ratings warned that the third wave of the pandemic is likely to shave 40 bps off the fourth-quarter GDP growth that may print in at 4.5-5 percent. It further said that the third wave of the pandemic has seen a massive spike in infections after the more infectious Omicron Variant of the coronavirus appeared.
Traders were also concerned about the report stating that the cost of debt-funds for the states has touched the highest level so far this fiscal with the weighted average cut-off crossing the 7.16 percentage points at the latest auctions. Up 11 bps over the past week, reflecting the hardening yields even for the government securities.
On the global front, Asian markets mostly closed in the red on Thursday after Federal Reserve minutes pointed out that a faster-than-expected rise in US interest rates due to concerns about persistent inflation. European markets are trading in the red following the negative cues from Wall Street and Asian markets.
Sensex and Nifty at the Close
At the close, Nifty was down by 179.35 points or 1 percent and closed at 17745.90 levels while Sensex declined 621.31 points or 1.03 percent and finished at 59601.84 levels. The Bank Nifty index also closed lower today, it was down by 205.65 points or 0.55 percent on spot and ended at 37490.25 levels.
The broader markets closed positive today, as the Nifty midcap and smallcap indexes turned green in the last hour. The Nifty midcap index was up by 39.30 points or 0.13 percent and closed at 30956.85 levels. The Nifty smallcap index gained by 23.65 points or 0.21 percent and finished at 11450.10 levels.
Top Nifty Gainers and Losers
The top gainers in the Nifty 50 index were UPL, IndusInd Bank, Bajaj Auto, Bharti Airtel, and Maruti Suzuki. Whereas the top losers were JSW Steel, Ultratech Cement, Shree Cement, Tech Manindra, and Adani Port.
The top gainers in the Nifty midcap index were Gujarat Gas, Bharat Forge, and AB Capital, and the losers were Varun Beverages, City Union Bank, and Shriram Transport.
The top gainers in the Nifty smallcap index were Alok Industries, NBCC, Future Retail, and the losers were Mazagaon Dock, Quess Corp, Bajaj Electric
The most active stocks in the Nifty index in terms of value were Reliance, Bharti Airtel, and HDFC. The most active stocks in terms of volume were Bharti Airtel, SBI, and Tata Motors.
On a sectoral front, Media, Auto, PSU Bank, and Consumer Durables were closed higher today. The sectors that closed in the red were IT, Realty, Pharma, Banking and Metals
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Editorial desk
