Leaders Online: Stock markets closed in the red today on Friday amid weak global cues. Sensex fell 600 points to trade below 72,500 in today's trading session. The Sensex then closed down 453 points at 72,643. Nifty fell by 123 points to settle at 22,023. Both indexes fell about 2 percent this week on the sell-off, making it the market's worst week since late October. (Stock Market Closing Bell)
Meanwhile, all other sectoral indices except Telecom closed in the red. Oil and gas fell by 4 percent. While auto, capital goods, metal and power declined by 1-2 percent each. Mid and small cap indices continued to come under pressure today. The BSE Midcap index fell 0.5 percent, while the Smallcap index ended positive.
M&M shares were the top losers on the Sensex. Along with this, shares of HCL Tech, Tata Motors, LT, NTPC, Sun Pharma, Infosys, Axis Bank, SBI also fell. While the shares of Bharti Airtel, Bajaj Finance, Maruti, Bajaj Finserv remained bullish.
Shares of M&M, BPCL, Coal India, Tata Motors, Hero Motocorp fell between 2-5 percent on Nifty. UPL, Bharti Airtel, Bajaj Finance, HDFC Life, Adani Enterprises shares rose.
OMC shares fall after petrol, diesel rate cut
Shares of oil marketing companies came under pressure after Rs 2 cut in petrol and diesel prices. Shares of some oil companies fell as much as 8 percent. The shares of Hindustan Petroleum Corporation (Hindustan Petroleum Corporation Share Price) fell by 6 percent on NSE. While the shares of BPCL (Bharat Petroleum Corporation Share Price) came up to Rs 559. After that it settled at Rs 588 with a fall of 3 percent. The shares of Indian Oil Corporation (Indian Oil Corporation Share Price) fell by 5 percent to Rs 161.
Effect of Inflation on the Market
Investor sentiment was hurt by the prospect of a delay in the US Federal Reserve's rate cut due to higher-than-expected price pressures. In February, the Consumer Price Index (CPI) in the US registered a 3.2 percent annual increase. This was slightly higher than market expectations of 3.1 percent. Concerns are being expressed that the US Fed will delay interest rate cuts beyond June as inflation continues to slow. (Stock Market Closing Bell)
What is the state of the global market?
Asian markets saw a decline today. The MSCI Asia ex-Japan index fell 1.1 percent. Japan's leading index Nikkei also closed lower. The impact of US inflation data has been reflected in the Asian markets. A weak condition was also seen in the US market yesterday on Thursday.
Selling mood of foreign investors
Foreign portfolio investors sold Indian stocks worth Rs 1,356 billion on a net basis on Thursday. While domestic institutional investors bought shares worth Rs 139 crore.
Read this:
