Sensex, Nifty skid 1% on rate hike concerns
Shed early gains as negative global cues impact; Asian stocks declined in cautious trading following losses on Wall St
image for illustrative purpose
Nifty Ends Below 18k
- BSE Sensex ends 656.04 pts lower at 60,098.82
- NSE Nifty plunged 174.65 pts to 17,938.40
- 35 of Nifty stocks closed with losses
- Infy top loser among Sensex stocks
- Asian Paint, HUL, Nestle, Bajaj Finance, Wipro and Kotak Bank major laggards
- SBI, Tata Steel, Maruti, Axis Bank , Tech Mahindra, PowerGrid, M&M & RIL among gainers
- Nikkei-225, Kospi Shanghai in the red
- Hang Seng inched up
Mumbai: The BSE gauge Sensex plummeted over 656 points and the NSE Nifty dropped below the key 18,000-mark on Wednesday as global market rout cast a shadow on domestic equities. Starting off on a positive note, the BSE benchmark gave up its early gains and briefly slipped below the psychological 60,000-barrier before closing at 60,098.82, tumbling 656.04 points or 1.08 per cent – its weakest level since January 7. Likewise, the NSE barometer Nifty plunged 174.65 points or 0.96 per cent to close at 17,938.40 as 35 of its stocks closed with losses.
"Globally, risk sentiments took a blow as rising inflation resulting in elevated bond yield along with the on-going geopolitical tensions and surge in oil prices weighed on investor confidence. This along with consistent FII selling forced the domestic market to trade in favour of bears for the second consecutive day," Vinod Nair, head (research) at Geojit Financial Services.
Infosys fell the most among Sensex stocks, declining by 2.77 per cent. Among other major laggards were Asian Paint, HUL, Nestle, Bajaj Finance, Wipro and Kotak Bank –falling as much as 2.71 per cent. On the Sensex, 22 shares suffered losses.
