Post Ganesh Chaturthi’s Pause: Rs 2 Lakh Cr Eroded Off Street, Nifty IT Battered

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Post Ganesh Chaturthi’s Pause: Rs 2 Lakh Cr Eroded Off Street, Nifty IT Battered
Credit: © Reuters.

By Malvika Gurung -- The domestic market opened widely lower after a day’s pause on Thursday, tracking beaten-down global cues as Wall Street stocks stumbled on Wednesday, recording their worst August decline in 7 years over concerns of the Fed promising aggressive interest rate hikes to tame the soaring inflation.

Indian benchmark equity indices made a gap-down opening as the market returned to trade after Ganesh Chaturthi, tanking up to 1.5% in the early session, while financial and banking stocks added pressure, with no help from FMCG, metal and oil & gas sectors.

At the time of writing, indices Nifty50 declined 0.56% and Sensex lost 383.04 points or 0.64%, while sectoral index Nifty IT tanked 1.78%. Banking and financial stocks showed some recovery as Nifty Bank was up 0.1% and Nifty PSU Bank jumped 1.24%.

Wall Street ended with daily declines for the fourth consecutive session in the overnight session, with selling pressure intensifying after Fed Chair Jerome Powell’s ultra-hawkish policy last week on aggressive monetary tightening.

A back-to-back fall in the US stocks and concerns looming over rate hikes eroded the wealth of investors on Dalal Street by almost Rs 2 lakh crore in the morning session, as the BSE market capitalization tanked to Rs 278.33 lakh crore.

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