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Bloodbath on D-St: Recession, rate hike fears wreck stocks

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Mumbai, September 16

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Equity benchmarks spiralled lower for the third session on the trot on Friday, in lockstep with a sell-off in overseas markets as investors fretted over the global economy slipping into a recession amid rate hikes by central banks. A weak rupee and foreign fund outflows added to the woes, traders said.

Investors poorer by Rs 6.18 lakh cr

  • Investors have become poorer by over Rs 6.18 lakh crore as markets took a heavy beating on Friday
  • In three days, investors’ wealth has tumbled by over Rs 7 lakh crore
  • All the sectoral indices ended in the negative zone, with realty tumbling 3.53%, followed by IT (3.37%) and basic materials (3.05%)

SENSEX TANKS

1,093.22 POINTS

RUPEE FALLS TO 79.78 VS USD

CLOSES AT 58,840.79

  • The NSE Nifty declined 346.55 points to close at 17,530.85
  • UltraTech was the top loser, followed by Tech Mahindra, Infosys, M&M, Wipro, & TCS

The Sensex tanked 1,093.22 points or 1.82% to settle at 58,840.79. During the day, it tumbled 1,246.84 points or 2% to 58,687.17. Similarly, the NSE Nifty declined 346.55 points or 1.94% to close at 17,530.85.

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UltraTech Cement was the top laggard in the Sensex pack, slumping 4.51%, followed by Tech Mahindra, Infosys, M&M, Wipro, TCS and Nestle India. IndusInd Bank emerged as the sole gainer, spurting 2.63%.

“With persistent bearish pressure from global stocks amid rising yields and dollar index, the domestic market surrendered to the global trend despite its strong decoupling scenario and encouraging macroeconomic data.

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“Post the release of US inflation data, which showcased a MoM increase in inflation, the global market has been pricing in the likelihood of a more aggressive policy response from the Fed,” said Vinod Nair, Head of Research, Geojit Financial Services.

“Markets witnessed a sharp sell-off on the final day of the week and lost closer to 2%. The selling pressure was widespread wherein IT, realty and auto pack were among the top losers,” said Ajit Mishra, VP, Religare Broking Ltd. — PTI

World Bank Fears recession in 2023

As central banks across the world are simultaneously hiking interest rates in response to inflation, the world may be edging toward a global recession in 2023, the World Bank warned.

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