Share Market HIGHLIGHTS: Sensex crashes over 900 pts, Nifty below 17,600 as rate hike woes hit global equities; Adani stocks bleed
Stock Market HIGHLIGHTS: Indian equity benchmarks Sensex and Nifty50 suffered deep losses on Wednesday, mirroring weakness across global markets, as the worst day of 2023 overnight on Wall Street sent ‘sell’ signals to Asian markets. Investors await an official quarterly reading of India’s GDP for more clarity on the state of the economy, and the future course of interest rates.
Barring ITC, Bajaj Auto and Cipla, which managed gains of up to 0.5 per cent, all of the 50 stocks in the Nifty basket finished the day in the red. Adani Enterprises and Adani Ports, falling 11 and seven per cent respectivel, were the top laggards in the pack. Grasim, Bajaj Finance, Bajaj Finserv, JSW Steel, Reliance, Wipro, HDFC Bank and HDFC were some of the other blue-chip stocks that fell the most. ALSO READ: All Adani group stocks bleed; a look at latest in Adani vs Hindenburg
Among heavyweights, Reliance, the HDFC twins, ICICI Bank, Infosys, Bajaj Finance and Adani Enterprises posed the maximum pressure on the 50-scrip index.
Global market update: European markets started the day lower, mirroring negative moves across their Asian peers, amid weakness in mining stocks thanks to falling metal prices.The pan-European Stoxx 600 index fell 0.5 per cent at the last count. Dow Jones futures were flat, indicating a muted opening ahead on Wall Street.
The slide in global markets came about after a key PMI reading showed a rebound in US business activity, sparking fears of a prolonged period of aggressive hikes in benchmark interest rates. Major central banks such as the Fed and the RBI are scrambling to raise interest rates in a bid to control red-hot inflation without hurting GDP growth.
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