Mumbai: Equity Benchmark Sensex And smelly A bearish trend in global equity markets and concerns over rate hike by central banks led to selling pressure for the second consecutive session on Friday, discouraging investors.
Apart from this, there is selling pressure in major indices. Reliance Industries, Infosys Traders said L&T also dragged down the benchmark indices.
30-share BSE Sensex It closed 259.52 points, or 0.41 percent, down at 62,979.37. It fell 364.77 points, or 0.57 per cent, to 62,874.12 during the day.
nse nifty It closed at 18,665.50, down 105.75 points or 0.56 per cent.
“Global central banks are currently focused on addressing inflation and have reiterated their commitment to reaching their target levels, as evidenced by the scathing remarks (US Federal Reserve Chair Jerome) Powell and the unexpected rate hike by the Bank of England,” said Vinod Nair, head of research at Geojit Financial Services.
Tata Motors was the biggest loser in the Sensex pack, plunging 1.77 per cent, followed by SBI, Power Grid, Tata Steel, Infosys, UltraTech Cement, Titan, Larsen & Toubro, Reliance Industries and Maruti.
On the other hand, IndusInd Bank, Bharti Airtel, Asian Paints, NTPC, HCL Technologies, HDFC and Sun Pharma were among the gainers.
“The downgrade in earnings guidance by major US tech company Accenture has raised concerns about a possible earnings decline in the Indian IT sector, resulting in pressure on IT stocks.
“However, the domestic market is not expected to recover significantly due to favorable domestic economic indicators and correction in international commodity prices to sustain earnings growth on a QoQ basis,” Nair said.
Seoul, Tokyo, Shanghai and Hong Kong closed with losses in Asian markets.
Equity benchmark indices in Europe were also trading in red mark. US markets closed with a mixed trend in overnight trading on Thursday.
Global oil benchmark Brent crude fell 1.11 per cent to USD 73.32 per barrel.
According to exchange data, foreign institutional investors (FIIs) sold equities worth Rs 693.28 crore on Thursday.
On Thursday, the BSE benchmark closed 284.26 points or 0.45 per cent lower at 63,238.89. The Nifty closed 85.60 points, or 0.45 per cent, down at 18,771.25.
Apart from this, there is selling pressure in major indices. Reliance Industries, Infosys Traders said L&T also dragged down the benchmark indices.
30-share BSE Sensex It closed 259.52 points, or 0.41 percent, down at 62,979.37. It fell 364.77 points, or 0.57 per cent, to 62,874.12 during the day.
nse nifty It closed at 18,665.50, down 105.75 points or 0.56 per cent.
“Global central banks are currently focused on addressing inflation and have reiterated their commitment to reaching their target levels, as evidenced by the scathing remarks (US Federal Reserve Chair Jerome) Powell and the unexpected rate hike by the Bank of England,” said Vinod Nair, head of research at Geojit Financial Services.
Tata Motors was the biggest loser in the Sensex pack, plunging 1.77 per cent, followed by SBI, Power Grid, Tata Steel, Infosys, UltraTech Cement, Titan, Larsen & Toubro, Reliance Industries and Maruti.
On the other hand, IndusInd Bank, Bharti Airtel, Asian Paints, NTPC, HCL Technologies, HDFC and Sun Pharma were among the gainers.
“The downgrade in earnings guidance by major US tech company Accenture has raised concerns about a possible earnings decline in the Indian IT sector, resulting in pressure on IT stocks.
“However, the domestic market is not expected to recover significantly due to favorable domestic economic indicators and correction in international commodity prices to sustain earnings growth on a QoQ basis,” Nair said.
Seoul, Tokyo, Shanghai and Hong Kong closed with losses in Asian markets.
Equity benchmark indices in Europe were also trading in red mark. US markets closed with a mixed trend in overnight trading on Thursday.
Global oil benchmark Brent crude fell 1.11 per cent to USD 73.32 per barrel.
According to exchange data, foreign institutional investors (FIIs) sold equities worth Rs 693.28 crore on Thursday.
On Thursday, the BSE benchmark closed 284.26 points or 0.45 per cent lower at 63,238.89. The Nifty closed 85.60 points, or 0.45 per cent, down at 18,771.25.