ukraine:  Biggest sensex drop in a year on Fed, Ukraine fears - Times of India

ukraine: Biggest sensex drop in a year on Fed, Ukraine fears – Times of India

[ad_1]

MUMBAI: A host of global and domestic factors combined on Monday to pull the sensex down nearly 1,750 points or 3%, its biggest single-session slide in nearly a year. The sensex closed at 56,406 points while on the NSE, the Nifty lost 532 points, or 3.1%, to close at 16,843.
In the US, inflation is at a 40-year high, leading to fears of sharp hikes in interest rates by the Federal Reserve. Crude oil price is also galloping towards the $100 per barrel mark, nearly an eight-year peak, mainly due to the Ukraine situation. The rupee’s weakness and selling by foreign funds is also affecting investor sentiment.
Monday’s slide left investors poorer by Rs 13 lakh crore with BSE’s market capitalisation now at close to Rs 259 lakh crore. The selling in the market on Monday was so strong that of the 30 sensex constituents, all blue chip stocks, 29 closed in the red with TCS the only one closing higher. ICICI Bank, HDFC and HDFC Bank contributed the most to the index’s slide.
According to Siddhartha Khemka, head of retail research, Motilal Oswal Financial Services, Indian markets opened sharply lower as the threat of war in Ukraine added to concerns surrounding high inflation and the potential interest rate hikes by the US Fed.
In the event of a Russian attack on Ukraine, possible economic and other sanctions could disrupt exports of crude oil from one of world’s top producers, Khemka wrote in a post-market research note.



[ad_2]

Source link

Leave a Comment

Your email address will not be published.