Markets fall for sixth straight session amid weak cues from Asian markets; metals lead sell-off
Feb 24, 2023, 17:55 IST
- The Sensex declined 141.87 points, or 0.24%, to settle at 59,463.93 despite a firm start while the Nifty50 slipped 45.45 points, or 0.26%, to 17,465.80.
- Investors were concerned that the US Federal Reserve might raise interest rates further to curb inflation.
- Strong sell off in metal stocks followed by auto and PSU banks added to the pressure on the indices.
- Fresh foreign fund outflows and selling pressure in HDFC twins also dented investor sentiments.
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India’s benchmark indices on Friday ended lower for the sixth consecutive session amid weak cues from Asian markets. A strong sell-off in metal stocks, auto and PSU banks added to the pressure on the indices.Investors were concerned that the US Federal Reserve might raise interest rates further to curb inflation. Fresh foreign fund outflows and selling pressure in HDFC twins also dented investor sentiments.
The Sensex declined 141.87 points, or 0.24%, to settle at 59,463.93 despite a firm start while the Nifty50 slipped 45.45 points, or 0.26%, to 17,465.80.
Heavy offloading of stocks by foreign institutional investors (FIIs) has also added to the woes as FIIs have sold ₹3,038 crore worth of equities this month till February 23. Last month, FIIs had sold ₹41,464 crore worth of equities.
On Thursday, FIIs offloaded shares worth ₹1,417.24 crore while domestic institutional investors (DIIs) bought shares worth ₹1,586 crore.
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Top moving stocks on Nifty50
Top losers | % change | Top gainers | % change |
Adani Enterprises | -5.11% | ONGC | 2.62% |
Hindalco Industries | -4.72% | Adani Ports & SEZ | 1.44% |
M&M | -2.55% | Asian Paints | 1.31% |
JSW Steel | -2.41% | Divi’s Laboratories | 1.28% |
Tata Steel | -1.96% | Apollo Hospitals | 0.85% |
In Asian markets, South Korea, China and Hong Kong ended lower, while Japan settled in the green. Hang Seng was down 1.68%, Shanghai SE Composite Index fell 0.62% and KOSPI was down 0.63%. Taiwan TSEC 50 Index was down 0.71%. Meanwhile, Nikkei 225 gained 1.29%.
Japanese markets were in the spotlight after the government’s nominee to be the next central bank governor, Kazuo Ueda, faced his first grilling in the parliament. Investors are looking for hints if he will be hawkish or dovish at times when central banks are still stuck to the rate hike cycle.
Equity markets in Europe were trading in the green during afternoon trade.
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The US markets ended higher on Thursday with the Nasdaq index closing 0.72% higher, S&P 500 up 0.53% and Dow Jones gaining 0.33%.
International oil benchmark Brent crude climbed 0.92% to $82.97 per barrel.
(With inputs from PTI)
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