HomeBusinessShare indices fall 1.7%, rupee further declines

Share indices fall 1.7%, rupee further declines

Benchmark stock indices fell over 1.7% on Friday on selling pressure and weak global cues.

The S&P BSE Sensex fell 1,020.80 points, or 1.73%, to 58,098.92. The Sensex losers included Power Grid (7.93%), M&M (3%), State Bank (2.99%), Bajaj Finserv (2.8%), Bajaj Finance (2.80%) and NTPC (2.78%). Huh.

The NSE Nifty-50 index also closed at 17,327.35, down 302.45 points or 1.72%.

“The selling pressure was widespread, with banking, energy and realty being among the top losers,” said Ajit Mishra, VP – Research, Religare Broking Ltd. The market is seeing pressure after showing resilience for a long time and signals are pointing towards further downside. ,” He added.

Vinod Nair, head of research at Geojit Financial Services, said though the US Fed’s 75-basis point rate hike was projected, the continued aggressive stance indicating a growth of 125 bps in the next two policy meetings till December 2022 rocked the market. was.

“Rupee hit a new all-time low with the start of FII selling. Expanded hawkish monetary policy is bound to slow down the global growth engine further,” he said.

“India is in a better position to have a different economy, with credit growth and tax collections picking up. However, increased geopolitical risk and economic slowdown will hit India with a lag and underperform in the short term,” he said.

For the coming week, he said investors would be keenly watching the outcome of the RBI’s monetary policy on September 30. “We expect the market direction to be led by global growth and FII action. On the valuation front, India is the costliest stock market in the world today. Therefore, investors are advised to wait till the dust settles. Wait till and see,” said Mr. Nair.

The fall in the rupee was also helped by an outflow of the US dollar following a sell-off in equities. The Indian unit had closed 30 paise lower at 81.09 against the dollar on Friday. Intraday, the rupee had fallen at 81.22. Analysts said the RBI had intervened to contain the fall.

Hello Friends, My Name is Raushan Kumar. I am a Part-Time Blogger and Student. I am author of https://searchnews.in . We're dedicated to providing you the best of News, with a focus on Business, Health, Lifestyle, World, Tech, India, Gadget.


Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

- Advertisment -