Bears Stride Ahead: Sensex Dives, Investors Lose Wealth, 48/50 Nifty Stocks in Red

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Bears Stride Ahead: Sensex Dives, Investors Lose Wealth, 48/50 Nifty Stocks in Red

By Malvika Gurung

Investing.com -- The domestic benchmark equity indices made a gap-down opening on Thursday, as anticipated, mirroring the overnight sharp falls on Wall Street, with Asian markets opening in deep red too. 

Wall Street indices S&P 500 and Dow Jones recorded their worst single-day loss since June 2020 on Thursday. In addition to this, weak quarterly results reported by the Chinese tech giant Tencent witnessed its shares diving over 8% today.

Investors’ concerns on soaring inflation weighing on corporate profitability grew grim, and Dalal Street mirrored all of these jitters and sentiments, with indices Nifty50 trading 1.81% lower and Sensex declining 982.7 points or 1.81%, at the time of writing.

Investors in the domestic market have already lost Rs 5 lakh crore worth of wealth on Thursday.

All sectoral indices under the Nifty basket were heavily in red, led by Nifty IT , plummeting 3.82%, while metal, banking and financial stocks pulled the market lower too. Nifty Bank declined 1.87%.

On the Nifty50 index, ITC (NS: ITC ) and Eicher Motors (NS: EICH ) were the only two stocks trading in the green, at 10:30 am, while Tech Mahindra (NS: TEML ) was the top laggard, declining over 4%.

Further, the minutes of the RBI MPC policy review released on Wednesday indicated interest rate hikes going ahead. Nomura sees a 35 bps rate hike in August, followed by a 25 bps rate hike each in October, December, February and April.

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