Torrid Tuesday, Nifty50 Below 17K: What Pulled Street Lower? All Sectors in Red

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Torrid Tuesday, Nifty50 Below 17K: What Pulled Street Lower? All Sectors in Red

By Malvika Gurung

Investing.com -- The domestic market witnessed sell-offs for the third consecutive session on Tuesday as benchmark indices fell sharply and broader market indices underperformed.

Indian equity benchmark gauges Nifty50 tanked 1.5%, slipping under the 17,000 mark to 16,983.55 and Sensex declined 843.8 points or 1.46% on Tuesday, following weak global cues amid rising concerns about the Fed’s aggressive monetary policies and a probable 75 bps rate hike at its meeting in Nov are raising recessionary woes.

The broader market peers fell even lower, with Nifty Midcap 100 plunging 1.74% and NIFTY Smallcap 100 tripping 1.7%.

Investors on Dalal Street have left poorer by Rs 4.3 lakh crore on Tuesday, while the past three sessions’ rout has eroded investors’ wealth by Rs 6 lakh crore.

Rising bond yields and a dominating US dollar against Asian currencies, including the INR in conjunction with geopolitical tensions, are leading to profit booking for the FIIs on the Street.

All sectoral indices under the Nifty umbrella ended in red, led by Nifty Realty , plummeting over 3%, while Nifty Metal and Nifty IT slid significantly too. Nifty Bank ranked 1%.

Barring Axis Bank (NS: AXBK ), Adani Enterprises (NS: ADEL ) and Asian Paints (NS: ASPN ), all the stocks under Nifty50 ended the session in the red. 

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