Indian Indices Fall Sharply Amid Negative Global Cues Ahead of US Jobs Data

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Indian Indices Fall Sharply Amid Negative Global Cues Ahead of US Jobs Data

By Malvika Gurung

Investing.com -- The domestic market indices tanked in the opening trade on Friday following similar cues from global markets after major US indices fell sharply in the overnight session, with losses led by banking stocks as investors worried about a key jobs report due on Friday that could lead the Fed to raise interest rates more aggressively. 

Benchmark indices Nifty50 fell 1.01% 17,418.2 points and Sensex slashed 1.08% or 650 points while writing. The market fear barometer India VIX jumped over 8% to 13.8 levels.

Investors on Dalal Street were left poorer by Rs 3 lakh crore due to Friday’s erratic sell-off, as banking and financial stocks took the biggest hit.

Barring Nifty FMCG , all sectoral indices under the Nifty umbrella sank deep in the red zone, led by an over 2% slide in Nifty PSU Bank , followed by Nifty Bank and Nifty Financial Services .

This is because the US financials index ended the overnight session over 4% lower, marking the steepest one-day fall since June 2020. SVB Financial Group crashed 60% on Thursday, wiping out over $80 billion of its market capitalisation amid worries about its financial stability. 

On the Nifty50 pack, losses were led by HDFC Bank (NS: HDBK ), HDFC (NS: HDFC ), SBI (NS: SBI ), Adani Enterprises (NS: ADEL ), ICICI Bank (NS: ICBK ), Reliance Industries (NS: RELI ), Apollo Hospitals (NS: APLH ) and IndusInd Bank (NS: INBK ), among others, while market heavyweights including Tata Motors (NS: TAMO ), Bharat Petroleum (NS: BPCL ), Divi's Laboratories (NS: DIVI ) and Britannia (NS: BRIT ) led the gains.

Investors globally await the US non-farm payroll data for February to release on Friday, which shall provide hints on the Fed’s direction of rate hike going ahead and the strength of the labour market. 

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  • @
    @Ajiti Kumar Parida Mr. Ajit it's all about sentiment the expected data was 205k and actual 311k, but with the collapse of SVN bank, and -ve comment by jerome powell on US monetary policy has made it worse , The over all trend is still bearish.
    Like 0
  • Viswakumar Prabakaran @Viswakumar Prabakaran
    Traders will look for profit either ways. So they need some negative or positive news to trigger rally either ways though all these events not even create small tremors. Stay invested based on value of company and its products.
    Like 1
  • Ajiti Kumar Parida @Ajiti Kumar Parida
    I don't understand what's the correlation with US job data with Indian market. it doesn't have any sense..
    Like 1
    • Vishnu Pawar @Vishnu Pawar
      @Ajiti Kumar Parida u r right  but  the oparators need a rjust need to drop market or gain
      Like 0

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  • Twenty years Exp @Twenty years Exp
    Its all drama. Based in data world is not going to collapse and market comes down to zero know. Please buy based on your convenience
    Like 0
  • SS MAGIC @SS MAGIC
    What is logic behind selling in Indian markets for us job data? Operator’s please reply
    Like 1
    • Twenty years Exp @Twenty years Exp
      Its all pure drama by operators. Buy with confidence. Indian market move up and create new high.
      Like 0
    • Rajesh Kothari @Rajesh Kothari
      butt hurt investor! its always like this, operators only make money, who told you to come to market!
      Like 0

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