Press "Enter" to skip to content

Sensex tumbles over 500 points, Nifty tests 17,750; bank stocks bleed – Economic Times

Defying positive global cues, domestic equity benchmark Sensex witnessed a sharp selloff on Friday, dragged by index heavyweight , banking and financial stocks.

The 30-share index was trading 749 points or 1.25% lower at 59,445 at around 10.10 AM. Similarly, Nifty50 was trading at 17,687, down 204 points or 1.14%.

In the Sensex pack, HDFC,

and were the top losers, falling over 2%. , , , , and also opened with cuts.

On the other hand,

, M&M, , , and opened with gains.

Sectorally, the Nifty Oil & Gas fell 3.41% and Nifty Bank declined 1.35%. While Nifty Auto and Nifty Pharma opened higher. In the broader market, Nifty Smallcap50 rose 0.61% and Nifty Midcap50 surged 0.11%.

“Traders will also now gear up for the next 2-big catalysts; interest-rate decision from the Federal Reserve to trickle in on February 1, and the Union Budget for 2023-24 to be presented in the Lok Sabha on the same day,” said Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities.

The technical landscape suggests that dark storm clouds hover over Dalal Street. The downpour could drag the Nifty towards the 17,721 mark, he added.

Global Markets

Wall Street ended a choppy session higher on Thursday as investors grappled with an onslaught of economic data and a string of mixed corporate earnings, all while eyeing the clock as it ticks down toward next week’s Federal Reserve monetary policy meeting.

The Dow Jones Industrial Average rose 206 points, or 0.61%, to 33,949, the S&P 500 gained 44 points, or 1.10%, to 4,060 and the Nasdaq Composite added 199 points, or 1.76%, to 11,512.

Asian stocks rose on Friday and were poised for their fifth straight week of gains after a set of data highlighted a resilient US economy, lifting investor sentiment ahead of next week’s slate of central bank monetary policy meetings.

Hong Kong’s Hang Seng Index opened 0.2% higher after surging more than 2% on Thursday. Mainland China markets are due to resume on Monday after the Lunar New Year holiday.

Currency Watch
The Indian rupee rose by 9 paise to 81.52 against the US dollar in early trade.

The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, increased 0.08% to 101.9 level.

Crude Price
Oil prices edged marginally higher on Friday, extending for a second session on strong U.S. economic data and strengthening hope that the reopening of the Chinese economy would boost demand.

Brent futures gained 30 cents, or 0.3%, to $87.66 a barrel, while US crude rose 21 cents to $81.22 per barrel, a 0.3% gain.

(With inputs from agencies)