MARKET LIVE: Sensex drops 800 pts, Nifty near 16,400; Financials, IT drag

MARKET LIVE: Sensex drops 800 pts, Nifty near 16,400; Financials, IT drag

The key benchmark indices ended with significant losses amid a global market rout as record high inflation fueled fears of a faster rate hike, threatening the world economies.

The S&P BSE Sensex tumbled to a low of 54,587, and finally settled 867 points lower at 54,835. In the process, the BSE index was down 3.9 per cent (2,226 points) for the week. Similarly, the NSE Nifty plunged 272 points to 16,411, ending the week with a huge loss of 4 per cent.

Financial and IT shares bore the brunt of the selling pressure. Bajaj Finance slumped 4.8 per cent, while Bajaj Finserv tanked 3.5 per cent. Axis Bank shed 4 per cent. Nestle India too declined over 3 per cent.

Wipro, HDFC, Infosys, HDFC Bank, UltraTech Cement, Titan, TCS, IndusInd Bank and Asian Paints were the other major losers. Reliance Industries was down 0.6 per cent ahead of its Q4 numbers.

On the positive front, Tech Mahindra and PowerGrid Corporation rallied over 2 per cent each. ITC, SBI and NTPC were the other notable gainers.

The broader markets also ended with steep losses. The BSE Midcap and Smallcap indices were down over 2 per cent each. The overall breadth too was fairly bearish, with more than 2,500 declining stocks versus 850 advancing shares on the BSE. 

Sectorally, the BSE metal and realty indices slumped over 3 per cent each. The IT and Consumer Durables indices were the other major losers, down over 2 per cent each. The Auto, Bankex and Healthcare indices declined 1.7 per cent each.

BS Special :: Chris Wood on India

India remains Asia’s best long-term structural story in terms of equities and investors should buy their favourite stocks on a decline, suggested Christopher Wood, global head of equity strategy at Jefferies in his latest note to investors, GREED & fear. READ MORE


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