Closing Bell: Broad-based sell-off triggers market fall following weak global cues
Domestic equity bourses Sensex and Nifty started the week deep in the red owing to weakness across global markets and selling across most sectors pulling the headline indices lower.
Indian stock market extended the fall on Monday as prospects of aggressive rate hikes by the US Federal Reserve hit investor sentiment. Shares fell across the board, dragged lower by heavy selling pressure in IT, FMCG and metal names, as weakness in global equities hit investors, extending their losses from the previous trading session.
In last week's trading session, eight of the top-10 most valued companies based on market capitalisation lost Rs 2,21,555.61 crore from their valuation, and the weak trend in the broader market, with Infosys and HDFC Bank getting the biggest hit. Broader Asian stocks also lost gains, driven by economic slowdown fears from the anticipated aggressive monetary policy tightening from most central banks, led by the US Fed. Owing to these developments benchmark indices closed lower for the second consecutive week on April 25.
At the closing bell today, the Sensex was down 617.26 points or 1.08% at 56,579.89, and the Nifty was down 218.00 points or 1.27% at 16,954.00. On the market breadth, around 1008 shares have advanced, 2435 shares declined, and 136 shares are unchanged.
Top Nifty losers of the day were Coal India, BPCL, Tata Steel, Hindalco Industries and SBI Life Insurance, while top gainers included Bajaj Auto, ICICI Bank, HDFC Bank, Maruti Suzuki and HDFC.
In the sectors, except bank, all other sectoral indices ended in the red with auto, capital goods, FMCG, healthcare, IT, power, metal, oil & gas, realty down 1-4%. in the broad market, the BSE midcap and smallcap indices lost nearly 2% each.
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