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Reportedly, the Sensex fell 575.46 points to close at 59,034 and the Nifty fell 168.10 points to 17,639.55.
Digital Desk: The Indian stock market dropped for the third consecutive session, led by huge losses in index heavyweights HDFC twins, TCS, and Reliance Industries amid weak global cues.
Reportedly, the Sensex fell 575.46 points to close at 59,034 and the Nifty fell 168.10 points to 17,639.55.
The top Sensex losers were Titan, HDFC, HDFC Bank, Wipro, TCS, Reliance Industries Limited, and Power Grid, which fell up to 3.24 per cent.
On the other hand, Axis Bank, Hindustan Unilever, ICICI Bank, M&M, and Dr Reddy were among the top Sensex gainers.
Notably, the investors are looking for cues from the outcome of the RBI policy meeting, which will be revealed tomorrow (April 8).
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Nagaraj Shetti, Technical Research Analyst at HDFC Securities, said, "Following the formation of a new higher top at 18114 on April 4, the market showed weak point from the peaks in establishing a new higher bottom. However, there is currently no confirmation of a higher bottom reversal. The Nifty's short-term trend remains negative. According to the concept of polarity change, the daily 10 days EMA is currently offering support at 17,600 levels, and the critical support is located around 17,450-17,500 levels. The outcome of the RBI's mid-quarter policy meeting on Friday is expected to provide a new direction for the market. However, we anticipate an upside bounce from the low points of around 17,550-17,450 in the coming sessions."
On the other side, consumer items and oil and gas shares were the top sectoral losers, with their respective BSE indices falling 861 points and 513 points. The BSE midcap and small-cap index fell 105 and 221 points, respectively.
"Latest market drawback is due largely to the US Fed's increasingly hawkish commentary," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated.
The market breadth was negative, with 1694 stocks ending higher and 1714 stocks ending lower. 106 stocks remained unchanged.
Today, the market capitalization of BSE-listed companies fell to Rs 271.25 lakh crore.
According to stock exchange data, foreign institutional investors (FIIs) decided to withdraw Rs 2279 crore into equity funds on a net basis on Wednesday as the market tumbled.
Meanwhile, the rupee fell 11 paise to end at 75.95 against the US dollar on Thursday, as the US Federal Reserve's hawkish stance affected investor sentiments in global markets and boosted the American currency.
The rupee opened lower at 75.88 against the US dollar on the interbank foreign exchange, then fell further to 75.99. It eventually closed at 75.95, down 11 paise from the previous close.
Asia's markets fell in Hong Kong, Seoul, Shanghai, and Tokyo. Stocks in the United States finished lower in the overnight session as well.
The international oil benchmark, Brent crude, climbed 0.93 per cent to $102 per barrel.
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