Stock market outcry for the fourth consecutive day: Sensex fell 927 points, Nifty dived in the foothills of 4 months
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Mumbai : Due to the cautious attitude of investors before the details of the meeting of the Federal Reserve of America’s central bank, there was continuous hue and cry in the domestic stock markets of India on Wednesday. While the Bombay Stock Exchange’s (BSE) key sensitive index fell by 927 points, the National Stock Exchange’s (NSE) Nifty took a steep dive to reach a four-month low.
Sensex’s lowest level since February 1
According to media reports, the 30-share Sensex closed at 59,744.98 points, down 927.74 points, or 1.53 per cent. This is the lowest level of Sensex after February 1. At one time during the business, it had rolled down to 991.17 points. At the same time, the 50-share National Stock Exchange’s Nifty also closed at a four-month low of 17,554.30 points, down 272.40 points, or 1.53 percent. 47 stocks of Nifty remained in loss.
Asian markets also declined
Bajaj Finance, Bajaj Finserv, Reliance Industries, Wipro, HDFC Bank, HDFC, ICICI Bank and Tata Steel were major losers in Sensex stocks. ITC was the only gainer among the 30 Sensex stocks. South Korea’s Cospi, Japan’s Nikkei, China’s Shanghai Composite and Hong Kong’s Hangseng were in loss in other markets of Asia. There was a declining trend in early trade in major markets of Europe. The US market was in loss on Tuesday.
Effect of fear of cold war in US-Russia
Vinod Nair, Head of Research, Geojit Financial Services, said the market was down due to various apprehensions, including the re-emergence of the Cold War in the US and Russia. However, this is a short term effect. There is growing concern about the increasing sanctions against Russia and its impact on the economy, especially food and oil exports. The market is still recovering from the pandemic and high interest rate and inflation challenges remain. It is believed that this fight will be on the economic front. The impact on strong economies like India and the US will be limited. Investors are waiting for the details of the meeting of the Federal Open Market Committee (FOMC) and the Reserve Bank.
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