Sensex drops 715 pts, Nifty holds 17150 in broad-based sell-off; banks sink
CLOSING BELL: SBI, HUL, IndusInd Bank, Axis Bank, Dr Reddy's Labs, Bajaj Finserv, and ICICI Bank fell in the range of 2-3 per cent
 "MARKET LIVE: Sensex sheds over 700pts, Nifty below 17,200; all sectors sink")
CLOSING BELL
Benchmark indices, which seemed to be recovering from morning losses, lost ground yet again in the fag-end of the session as investors dumped stocks across the board. Sentiment remained tepid throughout the day after Federal Reserve Chair Jerome Powell said overnight that a half-percentage point rate hike is "on the table" for next month.
Click here for market snapshot
Click here for market snapshot
While Bank, Financial Services, Pharma, and Metal indices were the worst hit (down around 2 per cent each), Auto, FMCG, and IT indices were the least hit sectors, down 0.6 per cent each.
Overall, the S&P BSE Sensex index shed 714.5 points to end at 57,197, and the Nifty50 index tumbled 221 points to shut shop at 17,172. Both the indices hit intra-day lows of 57,135 and 17,149, respectively.
ALSO READ: 5 Nifty50 stocks that can rally up to 30% in coming days
ALSO READ: 5 Nifty50 stocks that can rally up to 30% in coming days
In the broader markets, the BSE MidCap index and Smallcap index slipped 0.7 per cent and 0.4 per cent, respectively.
Meanwhile, in the money market, 10-year government bond yield hardened by 0.46 per cent to hit 7.17 per cent-mark in India. Globally, the 5-year US Treasury yield topped 3 per cent-mark in early deals.
Market strategy by Milind Muchhala, Executive Director, Julius Baer
The markets seem to be slightly cautiously positioned, as the Q4FY22 earnings season has begun on a mixed note with small disappointments from a couple of large sectoral majors. Also, the impending concerns of elevated commodity prices due to geopolitical situation and supply chain challenges, and with increasing expectations of a harsher hike by the US Fed, the market may continue to witness higher volatility in the near term. We have been slightly cautious on the markets since the past few weeks and suggest creating some liquidity in the recent pullback, as the uncertainty and volatility is likely to continue for some more time.
4:04 PM
Technical view: Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities
The Nifty index witnessed fresh selling pressure at higher levels and closed near the day's low. The bearishness will continue to remain as long as the index stays below the level of 17400. The downside levels of 17000-16800 will act as support and if breached will witness further downside.
4:00 PM
US equity futures trade on a negative note
3:58 PM
Closing bell: Over 1,200 stocks declined whereas 797 advanced
3:54 PM
Closing bell: Adani Enterprises, Adani Wilmar, Adani Power hit 52-week high
3:52 PM
Closing bell: Nifty Bank worst sectoral performer; AU SFB declines over 4%
3:48 PM
Closing bell: Hindalco, SBI, HUL top Nifty 50 losers
3:46 PM
Closing bell: Adani Ports, HCL Tech, M&M top Nifty 50 gainers
3:38 PM
Closing bell: All sectors drown in sea of red
3:36 PM
Closing bell: Only 5 Sensex stocks close in green
3:32 PM
Closing bell: Sensex closes below 700 points
3:31 PM
Closing bell: Nifty 50 closes below 17,200 levels
3:24 PM
STOCK UPDATE :: Nykaa to acquire stake in 3 companies
3:19 PM
Will the RBI's efforts to tame inflation, manage growth fail? UBS thinks so
While the RBI's monetary policy committee kept rates steady in its recent policy review in April, UBS expects the Indian central bank to hike rates starting June 2022. READ MORE HERE
3:13 PM
Private InvIT IRB Infrastructure Trust completes Rs 243 crore fund raising
IRB Infrastructure Developers in a statement said that post fundraise, IRB and GIC affiliates will continue to hold 51 per cent and 49 per cent, respectively, in the InvIT. READ MORE HERE
3:04 PM
March Quarter Result :: Hindustan Zinc
>> Consolidated profit: Rs 2,982 crore
>> Consolidated revenue: Rs 8,613 crore
>> Consolidated revenue: Rs 8,613 crore
Topics : MARKET LIVE MARKET WRAP Markets Sensex Nifty Reliance Industries Future Group Paytm US Fed rate hike Oil Prices Brent crude oil S&P BSE Sensex Nifty50 Q4 Results stock market trading Market Outlook
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First Published: Apr 22 2022 | 8:04 AM IST
