Stock Market

Sensex nosedives 678 points; Nifty cracks below 17,700

By Sachin Bhalerao

MUMBAI: The equity benchmark Sensex on Friday plunged 678 points, following losses in the leading packs, including Reliance Industries, Infosys and HDFC Bank, in the midst of a weak trend in global markets.

The 30-share index dove 677.77 points or 1.13 percent to close at 59,306.93. Similarly, the NSE Nifty plunged 185.60 points or 1.04 percent to 17,671.65.

Tech Mahindra was the top underdog in the Sensex pack to shed over three percent, followed by Reliance Industries, IndusInd Bank, NTPC, and Kotak Bank. Bedsides, Dr Reddy’s, Tata Steel, UltraTech Cement, Titan, and Maruti were gainers.

Tata group’s engineering and air conditioning firm Voltas reported a 31 percent rise in its overall net profit, which stood at Rs. 104.29 crore during Q2FY22.

The domestic market constantly witnessed selling pressure as private banks and energy stocks remained under stress due to lackluster global sentiments.
European markets also opened subdued even as the European Central Bank (ECB) kept its policy rates unchanged despite the inflationary burden. The US futures too traded in the red following sluggish GDP growth and discouraging earnings of leading tech companies.

The Fed decisions, which will be taken next week, are expected to be a significant game-changer to drive global equities in the next couple of days. Besides, bourses in Tokyo and Shanghai ended in the green, while Seoul and Hong Kong were in the red.

According to HDFC Securities, gold prices dipped Rs. 271 to stand at Rs 46,887 per 10 gram, signaling a depression in the international precious metal prices. During the previous trading session, the precious metal closed at Rs 47,158 per 10 grams. Silver also fell Rs. 687 to Rs. 63,210 per KG from Rs. 63,897 per KG in the previous session.

Gold was trading lower at $1,795 per ounce in the global markets, and silver remained flat at $23.89 per ounce. The yellow metal prices traded under strain on a stronger dollar and mixed global cues.

This news was scripted by Prittle Prattle News

Related Posts

1 of 46