The Indian market extended losses to the third day on September 23 on weak global cues as the US Federal Reserve’s hawkish stance continued to roil sentiment and added to worries about global economy outlook.
Intensive selling across sectors and rupee plunging to a new low saw the market erase all the gains made this year.
At close, the Sensex was down 1,020.80 points, or 1.73 percent, at 58,098.92, and the Nifty was down 302.50 points, or 1.72 percent, at 17,327.30.
For the week, the Sensex and Nifty shed more than a percent each.
"A rise in the US 10-year bond yield and a strong dollar index influenced FIIs to flee emerging markets. A fall in liquidity in the banking system, a weak currency and a current premium valuation have set the market outlook bearish for the near term," said Vinod Nair, Head of Research at Geojit Financial Services.
"With aggressive monetary policy action by central banks, the global growth engines are in a slowdown mode, whereas India is currently in a better position with a pickup in credit growth and an uptick in tax collection."
The volatility may persist for a while. Investors are advised to wait and watch until the dust settles, he added.
Power Grid Corporation, Apollo Hospitals, Hindalco Industries, Adani Ports and SBI were among the top losers on the Nifty. Gainers included Divis Laboratories, Sun Pharma, Tata Steel, Cipla and ITC.
Intensive selling across sectors and rupee plunging to a new low saw the market erase all the gains made this year.
At close, the Sensex was down 1,020.80 points, or 1.73 percent, at 58,098.92, and the Nifty was down 302.50 points, or 1.72 percent, at 17,327.30.
For the week, the Sensex and Nifty shed more than a percent each.
"A rise in the US 10-year bond yield and a strong dollar index influenced FIIs to flee emerging markets. A fall in liquidity in the banking system, a weak currency and a current premium valuation have set the market outlook bearish for the near term," said Vinod Nair, Head of Research at Geojit Financial Services.
"With aggressive monetary policy action by central banks, the global growth engines are in a slowdown mode, whereas India is currently in a better position with a pickup in credit growth and an uptick in tax collection."
The volatility may persist for a while. Investors are advised to wait and watch until the dust settles, he added.
Power Grid Corporation, Apollo Hospitals, Hindalco Industries, Adani Ports and SBI were among the top losers on the Nifty. Gainers included Divis Laboratories, Sun Pharma, Tata Steel, Cipla and ITC.
No comments:
Post a Comment