Market: Sensex falls 200 points, Nifty below 17,950; Banks fall, IT
live market updatesDomestic equities fell on Wednesday as a negative outlook on global rating agency, Fitch Ratings, India, weighed on sentiment. Moreover, SEBI’s proposal to change the rules governing initial public offerings (IPOs) put investors on edge to bring in more transparency and accountability.
Axis Bank, RIL, Grasim Industries, UPL, HDFC Twins and Divis Labs were the top gainers on the Nifty, while Asian Paints, SBI Life, Maruti Suzuki and Eicher Motors helped in the limited fall.
In the broader market place, shares of blue airlines and SpiceJet Indian low-cost airline Akasa Air, backed by billionaire investor Rakesh Jhunjhunwala, has placed orders for 72 Boeing 737 MAX planes, showing a decline of 0.6 per cent and 0.4 per cent, respectively.
In contrast, shares of pfizer The increase was 0.3 percent after generic manufacturers were allowed to supply their experimental antiviral COVID-19 pill to 95 low- and middle-income countries through a license agreement with international public health group Medicines Patent Pool (MPP).
Sectorally, the Nifty Private Bank index was the biggest loser (down 0.7 per cent). Meanwhile, the Nifty IT index (up 0.2 per cent) was the top gainer on the NSE.
LIVE Market Updates: BSE Sensex fell 136 points or 0.23 per cent in pre-open session at 60,186 levels, suggesting a negative start for Dalal Street on Wednesday. Meanwhile, the NSE Nifty was down 56 points at 17,943.
Updated at 8:20 am
LIVE Market Updates: Benchmarks are eyeing a gap-down start on Wednesday amid an influx of negative news. For example, the global rating agency, Fitch RatingsThe U.S. has retained India’s rating at the lowest investment grade with a negative outlook due to high debt and limited financial headroom from the central and state governments.
In addition, given IPO While companies have raised over Rs 1 lakh crore so far this year, markets regulator, SEBI, has proposed to change the rules governing IPOs to bring in more transparency and accountability.
High crude oil prices, inflation concerns and FII outflows are also weighing on the market sentiment.
Against this backdrop, SGX Nifty was down 70 points at 17,935 at 8:20 am
Despite rising inflation, retail data rose sharply in the US markets on Tuesday. The Dow Jones and the S&P 500 were up 0.2 per cent and 0.4 per cent, respectively. The Nasdaq jumped 0.8 percent. The dollar index which tracks six global currencies versus the USD rose to a 16-month high.
Asian markets closed with a slight fall this morning. The Nikkei and Hang Seng lost 0.3%, while the Shanghai Composite and Straits Times lost 0.1%. The Kospi fell 0.8 percent. However, Taiwan gained 0.1 per cent.
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