Closing Bell: Indian market dips for a fourth day, Nifty ends below 17650
Domestic equity benchmarks Sensex and Nifty remained in the red after a gap-down opening on Friday due to weakness across global markets.
The Indian equity indices extended the losses to the fourth straight session on Friday due to selling pressure in banking, consumer durables and metal shares. During today's trade, the 30-share BSE index hit an intraday low of 58,621; and Nifty touched a low of 17,486 before containing some of the losses. In the last four trading sessions, Sensex has plunged more than 2,200 points. Both the benchmarks have tumbled more than 3%, respectively, this week.
At the closing bell on January 21, the Sensex declined by 427 points or 0.72% to close at 59,037, while the broader NSE Nifty lowered by 140 points or 0.79% to settle at 17,617. On the overall market breadth, 1,037 shares advanced while 2,339 declined on BSE.
Among the top BSE losers today were Bajaj Finserv, TechM, Tata Steel, Bharti Airtel, IndusInd Bank, L&T, Infosys and Bajaj Finance with their shares sliding as much as 5.37%. On the flip side, HUL, Maruti, HDFC and HDFC Bank, Nestle, Kotak Mahindra Bank, and TCS were among the gainers on BSE. The Nifty Midcap 100 index fell 2.39% and Nifty Smallcap 100 index fell 2.28%.
Declining from four days, investors have lost about Rs 9.73 lakh crore in wealth on Dalal Street, with the market capitalization (m-cap) of BSE-listed companies falling to Rs 270 lakh crore from Monday's Rs 280 lakh crore mark.
In other news, expectations that the US Federal Reserve will move more quickly to hike interest rates to combat inflation hit the global indices hard. The sell-off hit bonds as well, pushing US Treasury yields to two-year highs.
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