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Sensex falls 872 points, Nifty below 17,500; All indices end in red

Sensex falls 872 points, Nifty below 17,500

Stock markets closed: Benchmark indices fell nearly 1.5% on Monday amid fears of further rate hikes and bearishness. Some FMCG stocks remained intact, but all the indices ended in the red. Metals, banking, automobile, and IT were among the worst performers.
Central bankers worldwide have indicated aggressive rate hikes that have pushed the market into negative territory. All Asian markets, except China, closed lower as news of easing interest rates to boost the real estate market gave markets something to cheer for.

The Sensex and Nifty closed below 58,800 and 17,500, respectively, down 1.5 percent on Monday.
Indian benchmark indices reacted sharply to cumulative negative global cues and traded down around 1.5% on Monday. Sensex closed 872 points lower at 58,773. Overall, the Nifty closed below the 17,500 mark, down 267 points.

All sector indices closed in the red. Metals, Auto, IT, and Banking indices led the race to the bottom. FMCG tried to stay in the market for the whole day but gave up by the end of the session.

ITC, Nestle India, and Tata Consumer were the few stocks that gained. Tata Steel lost over 4%, Asian Paints, Adani Ports, Tata Motors, Divi’s Laboratories, and JSW Steels lost over 3%.

Meanwhile, shares fell broadly on Monday in Asia amid global concerns over rising central bank interest rates and fears of a recession in China. A slight easing in interest rates from China acted as the only bright spot for the day.

Japanese stocks fell with the tech giant following Wall Street’s fall late last week. The Nikkei stock fell an average of 0.47%.

Shares in China rose Monday after cutting interest rates on benchmark loans and lowering mortgage benchmarks by a wide margin to revive the property market. The Shanghai Composite Index rose 0.6%, but Hong Kong’s Hang Seng Index lost 0.6%.

European stocks fell on Monday in major regional markets as investors fretted over aggressive signals from policymakers at the European Central Bank.

 

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