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Stock Market LIVE updates: Sensex down, Nifty eyes 15,300; IT stocks slump
Inflation card plays negative to markets. U S Interest rate hike impact.
Stock market: Equities suffered more losses on Friday on deepening fears of an economic downturn as monetary policy tightens to fight damaging inflation.
: Indian shares fell in volatile trade on Friday and were on course for their worst week in over two years, hit by worries that rapid increases in policy rates targeted at taming inflation could derail economic recovery
World stocks headed for their worst week since markets’ pandemic meltdown in March 2020 as leading central banks doubled down on tighter policy in an effort to tame inflation, setting investors on edge about future economic growth. At 1pm, India’s benchmark Sensex was down 233.17 points at 51,262.62, while the broader Nifty fell 75.80 points to 15,284.80
Hyundai India says number 2 spot defensible as Tata Motors pips co
South Korean carmaker Hyundai Motor Company’s India unit believes that it can defend its long-standing number-two position in the Indian passenger vehicle market, even as competition from homegrown automaker Tata Motors intensifies, “raising the benchmark” for the company.
Tata Motors overtook Hyundai as the country’s second-largest selling passenger vehicle maker in India in May, selling 43,341 units compared to 42,293 units sold by Hyundai during the same month. This is the second time in the last six months that Tata Motors has pipped Hyundai to grab the coveted number 2 spot in the Indian car market.
European stocks waver at open; London loses ground
European equities diverged in opening deals on Friday, with London falling after the Bank of England lifted interest rates to a 13-year high to tackle surging inflation.
London’s benchmark FTSE 100 index slid 0.1% to 7,039.88 points, one day after the BoE lifted its key rate by a quarter-point to 1.25% and also warned it could act more “forcefully” to combat persistent inflationary pressures.
In the eurozone, Frankfurt’s DAX index gained 0.4% to 13,089.35 points and the Paris CAC 40 won 0.2% to 5,895.56.
World equities had tanked Thursday as key central banks hiked interest rates in efforts to tame runaway inflation, actions that raised fears they could spark recessions.
Asian indices fell further on Friday after another hefty drop on Wall Street.
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