In this article, you will get all information regarding Sensex, Nifty Crash at lowest since October, extends losses for 4th straight day
India’s equity benchmarks plunged more than 1.5% to their lowest level since late October on Friday, extending their losses for the fourth consecutive session, reflecting a sell-off in Wall Street stocks overnight after the data showed economic resilience and reinforced the Federal Reserve’s higher interest rate rhetoric. .
“Markets were caught up in rampant selling as weak global signals and bearish external factors pushed both major benchmarks below psychological levels,” said Amol Athawale, assistant vice president of technical research at Kotak. Securities.
The 30-stock BSE Sensex fell 980.93 points, or 1.61%, to close at 59,845.29, the lowest since Oct. 28. The Sensex opened at 60,205.56 and fell to 59,765.56.
The broader NSE Nifty-50 index fell to its lowest since Oct. 28 after falling below 18,000 for the first time since November. The Nifty plunged 320.55 points, or 1.77%, to end at 17,806.80.
Tata Steel saw a drop of around 5% compared to the Sensex pack. Other significant laggards were Tata Motors, State Bank of India, Bajaj Finserv, Reliance Industries, Wipro, IndusInd Bank, Larsen & Toubro and Maruti Suzuki.
Stock markets in Seoul, Tokyo, Shanghai and Hong Kong ended in the red on other Asian exchanges.
“Markets fell sharply and lost around 2%, continuing the current corrective trend,” Ajit Mishra, vice president of technical research at Religare Broking, told PTI.
The rupiah lost ground against the resurgence of the dollar on Friday, as strong US data fueled concerns that the Fed will need to maintain its hawkish stance to limit inflation. Asian markets plunged on Friday, reflecting a sell-off on Wall Street.
Weekly U.S. jobless claims data indicate that the labor market remains tight and the economic recovery in the third quarter was faster than expected.
Data from the United States “has raised concerns that further monetary policy tightening in 2023 may be needed to calm inflation,” IG market analyst Tony Sycamore told Reuters.
These positive data points, which would often be viewed favorably, heightened investor concerns that the target fed funds rate could rise and stay there for longer than expected, increasing the likelihood of an economic slowdown.
Featured Video of the Day
Markets jump more than 1% and close at a new high
Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.
Sensex, Nifty Crash at lowest since October, extends losses for 4th straight day
For more visit computernetworktopology.com
Latest News by computernetworktopology.com