Nifty below 17,850 pulled down by banks As Sensex falls

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Nifty below 17,850 pulled down by banks As Sensex falls over 500 points

Sensex and Nifty 50 indexes extended losses in afternoon trade on Thursday. As banks and IT stocks fell further. While rising inflation concerns after a higher-than-expected jump in US consumer prices dent investor sentiment.

As of 2:00 pm, the blue-chip NSE Nifty 50 index fell 0.9 percent to 17,847.55. While the benchmark S&P BSE Sensex ended 0.88 percent lower at 59,820.14.

Mayuresh Joshi, head of equity research at William O’Neill & Co in India, said, “If (sticky inflation) scenario develops, it is better to stick with safer assets. Be it bonds or US-backed securities.”  He said that there has been heavy overseas selling in the last few days.

This week, foreign investors have sold a net $125 million in Indian equities as of Wednesday. This is the data from Refinitv Eikon shows.

The 10-year Indian benchmark bond yield rose 4 basis points to 6.3746 percent as of 0510 GMT on Thursday.

Wall Street closed sharply lower overnight

Global cues were weak as Wall Street closed sharply lower overnight. US consumer prices rose last month at the fastest pace since 1990. This is following a fall in Asian stocks.

In Mumbai trade, the Nifty Bank index fell 0.90 percent. It was set for its fourth straight session of losses. Mortgage lender HDFC Ltd was down 1.7 percent.

The Nifty IT index was down 1.50 percent. Tracking its second straight session of losses. Tech Mahindra fell 2.9 percent and was among the top percentage losers on the Nifty 50.

Among individual stocks, Zomato shares rose up to 6 percent. This is after the company posted quarterly revenue that more than doubled on orders on its food delivery business.

Engineering company Thermax was up 10.1 percent after nearly tripling year-on-year in its September-quarter profits.

YES Bank rose 4.6 percent, a day after the lender said its rating had been upgraded by Moody’s, citing substantial improvement in funding and liquidity.

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