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Stock Market Live: Sensex tanks 800 points, Nifty below 15,000 amid global selloff; banks, financial drag

EVENT HIGHLIGHTS

Stock Market Live: Indian indices continued trading around 2 percent lower on Friday following selloff in the Asian peers after a 2-3 percent plunge on Wall Street. Global markets tanked as a rout in global bond markets sent yields flying and spooked investors amid fears the heavy losses suffered could trigger distressed selling in other assets.

  1. Wall Street: Wall Street’s main indexes tumbled on Thursday, with the Nasdaq index posting its largest daily percentage fall in four months, as technology-related stocks remained under pressure following a rise in US bond yields. The Dow and the S&P 500 notched their biggest daily decline since late January. The S&P 500 fell 96.09 points, or 2.4 percent, to 3,829.34. The Dow Jones Industrial Average fell 559.85 points, or 1.8 percent, to 31,402.01. The Nasdaq fell 478.54 points, or 3.5 percent, to 13,119.43
  2. Asian stocks: Asian stocks opened sharply lower on Friday after Wall Street’s main indexes tumbled, with technology-related stocks under pressure following a steep rise in benchmark US Treasury yields. Australia’s S&P/ASX 200 fell 2 percent in early trade, on track for the biggest intraday percentage loss since Jan. 28. Japan’s Nikkei 225 was down 1.8 percent while Hong Kong’s Hang Seng index futures lost 1.69 percent.
  3. D-Street: Indian indices ended higher but off day’s high on Thursday led by energy and metal stocks. Meanwhile, gains in the auto, pharma and banking sectors also supported the benchmarks. The Sensex ended 257 points higher at 51,039 while the Nifty rose 115 points to settle at 15,097. Broader markets outperformed benchmark indices with the Midcap and Smallcap indices up around 1.5 percent each.
  4. Oil: Oil prices were mixed on Thursday with US crude edging up to its highest close since 2019 as Texas refineries restarted production after last week’s freeze, while Brent eased on worries that four months of gains will prompt producers to boost output. Brent futures for April delivery fell 16 cents, or 0.2 percent, to settle at $66.88 a barrel. The April Brent contract expires on Friday. US West Texas Intermediate (WTI) crude, meanwhile, ended 31 cents, or 0.5 percent, higher at $63.53, its highest close since May 2019.
  5. Rupee: The rupee ended 8 paise lower at 72.43 against the US currency on Thursday as month-end dollar demand and higher crude oil prices brought the domestic unit under pressure. At the interbank forex market, the Indian rupee opened at 72.35 against the greenback and witnessed an intra-day high of 72.34 and a low of 72.53. It finally ended at 72.43 against the American currency, registering a fall of 8 paise over its previous closing price.
  6. Gold: Gold prices on Thursday declined by Rs 358 to Rs 45,959 per 10 grams in the national capital, amid selling in the international markets, according to HDFC Securities. The precious metal had closed at Rs 46,313 per 10 grams on Wednesday. Silver, on the other hand, rose by Rs 151 to Rs 69,159 per kg as compared with the previous close of Rs 69,008 per kg.
  7. Nirav Modi case: The UK court on Thursday ruled diamond merchant Nirav Modi will be extradited to India while accepting money laundering charges against him in the Punjab National Bank scam case.
  8. Moody’s India Rating: Global ratings agency Moody’s upped India’s growth projection to 13.7 percent in the next fiscal from 10.8 percent estimated earlier. The ratings agency, however, stated that the economy will contract 7 percent than its earlier estimates of 10.6 percent in the current fiscal.
  9. SEBI: A day after what was one of the longest trading halts at the National Stock Exchange (NSE), the market regulator has issued a statement on the situation. Securities and Exchange Board of India (Sebi) in its statement said it would take all necessary measures to ensure rectification of the underlying causes including addressing institutional deficiencies.
  10. Bharat Bandh: A nationwide bandh call has been given by the Confederation of All India Traders (CAIT) to protest against rising fuel prices, the E-Way Bill, and the complex structure of the Goods and Services Tax (GST). Marketplaces across India are likely to remain shut on Friday as over 40,000 trader associations have responded to the cause.

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