Sensex falls over 300 pts, Nifty trades at 17,000; financial, banking sectors hit

New Delhi | Jagran Business Desk: The Indian benchmark indices on Monday plunged by over 0.40 per cent after petrol and diesel rates were hiked for the sixth time in seven days across India. In the morning session, the 30-share BSE Sensex was trading at 57,028.20, down by 334.00 points or 0.58 per cent, while tne 50 NSE Nifty declined by 70.95 points or 0.41 per cent and was trading at 17,082.05.

Ultratech Cement was the top gainer in the Sensex pack, rising by 1.10 per cent, followed by Sun Pharma, Bharti Airtel, Titan, Maruti Suzuki India, Wipro, Hindustan Unilever, Power Grid, Axis Bank, Nestle India, ICICI Bank, and HCL Tech. 

HDFC Bank, meanwhile, was the top loser, shedding by 1.26 per cent. Besides, Kotak Mahindra Bank, Tata Consultancy Services (TCS), HDFC, Tech Mahindra, Tata Steel, Infosys, Asian Paints, Mahindra and Mahindra, Reliance, and Bajaj Finsv were the other losers. 

Experts have blamed the high inflation in the United States (US) and Fed tightening for the decline in Indian indices. However, Dr VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said that the stock market is resilient despite several headwinds which reflects its strength.

“Even though the Ukraine war and the consequent crude spike impacted markets initially, the war is not impacting markets much now. The major headwinds for markets in 2022 will continue to be the high US inflation and Fed tightening. It appears that markets have priced in around 190 bp hike by the Fed in 2022,” he was quoted as saying by news agency PTI.

“Domestic investors emerging as a major counter force to the fair weather FPIs is a desirable development. However, retail investors have to be more vigilant in their investment by avoiding low-grade stocks and investing in high quality stocks.”

Meanwhile, international oil benchmark Brent crude declined 2.65 per cent to USD 117.45 per barrel. Foreign institutional investors (FIIs) were net sellers in the capital market, as they sold shares worth Rs 1,507.37 crore on Friday, according to the stock exchange data.

Posted By:
Aalok Sensharma

Read More: Sensex falls over 300 pts, Nifty trades at 17,000; financial, banking sectors hit

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