Market Close: Sensex Slides 482 Pts, Domestic Investors Lose Rs 1.1 Lakh Cr

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Market Close: Sensex Slides 482 Pts, Domestic Investors Lose Rs 1.1 Lakh Cr

By Malvika Gurung -- The domestic market closed the first day of a truncated week lower, as IT and financial stocks pulled the market down, aided by weak global cues across the Asian and European markets, ahead of the corporate earnings season for the March 2022 ending quarter.

The market sentiment on Monday was swayed by the RBI’s hawkish statement and the US Fed’s aggressive stance on monetary tightening and rising interest rates to tame the soaring inflation, as commodity prices have appreciated due to the Russia-Ukraine crisis.

Indian equity benchmark indices Nifty 50 ended 0.62% lower and BSE Sensex lost 482.6 points or 0.8% on Monday, with the domestic investors losing wealth worth Rs 1.1 lakh crore in the session.

In a note sent to, Rahul Shah-Co-Head of Research at Equitymaster said, “There's enough domestic liquidity that wants to keep taking the markets higher but foreign money and valuations are proving to be the proverbial thorns in the flesh. I think markets are going to remain range-bound with a downside bias and investors are advised to steer clear of speculative names that have nothing but promises of a rosy future to offer."

Investors will keenly watch the  European Central Bank meeting and the US inflation data to be released in the week while keeping a track of the Q4 earnings season starting.

Sectoral indices under the Nifty basket majorly ended on a lower note, dragged by Nifty IT , slumping 1.4%, while Nifty bank dropped 0.37%.

On the Nifty50 index, ​​Grasim, Adani (NS: APSE ) Ports and Cipla (NS: CIPL ) ended 1.5-3% higher, while L&T (NS: LART ), SBI (NS: SBI ) Life Insurance and HDFC Bank (NS: HDBK ) lagged the most.

Only 5 out of 30 scrips listed on Sensex ended the day in green.

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