Global indices, oil prices rocked Indian indices; bank stocks fall
At the sector level, the electricity, metals and real estate indices rose the most, while the indices of banks, automobiles, capital goods and consumer goods fell the most
Bombay: Weak global indexes and the reservation of earnings dragged India’s major stock indexes into the red for the second session in a row on Wednesday.
Alongside this, the rise in crude oil prices has had an impact on investor sentiment.
Initially, the two key indices had a gap-down opening. They stayed in the range until mid-afternoon, after which the purchase was triggered.
However, after closing the opening gap, they quickly came under selling pressure and fell back into the negative zone.
Globally, Asian stocks lost ground on Wednesday as concerns about economic growth in China and fears of a global slowdown set in.
At the sector level, the electricity, metals and real estate indices rose the most, while the indices of banks, automobiles, capital goods and consumer goods fell the most .
Notably, electric stocks lead the gains, as global power shortages have led to buying interest in Indian electric stocks.
As a result, S&P BSE Sensex closed at 59,413.27 points, down 254.33 points or 0.43% from its previous close.
Likewise, NSE Nifty50 dropped slightly. It fell to 17,711.30 points, down 37.30 points or 0.21% from its previous close.
âNifty shows volatility at higher levels. Buying behavior is observed among market participants because there are no back-to-back sales,â said Deepak Jasani, head of retail research, HDFC Securities.
âThe expected decline ratio improved to exceed 1: 1 and broad market indices like small and mid cap indices resulted in positive outperformance of Nifty, 17,576-17,802 could be the range for the Nifty. Short term nifty. “
Siddhartha Khemka, Head of Retail Research, Motilal Oswal Financial Services: âGlobal signals were weak amid concerns over rising US Treasury yields, heightened concerns over persistent inflation and controversial debt ceiling negotiations in Washington â.
âMarkets should continue to consolidate given the strong acceleration in recent weeks and weak global signals. All eyes would be on US Treasury yields, global energy prices and the ongoing US debt ceiling debate, which would set the market direction. short term. Tomorrow, the monthly F&O expiration could also keep the market volatile. “
In addition, Vinod Nair, Head of Research at Geojit Financial Services, said: âThe domestic market started off on a very negative trend due to massive global sales and high crude prices.
âSoaring US Treasury yields and the slowing economy have had an impact on growth stocks. During the day, European and Asian markets rallied and crude prices stabilized. banks and consumption. “
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