E Amazings – Money management
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
  • Need Help?

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

What Closing Costs Do Home Buyers Have?

February 25, 2023

What Is Realtek HD Audio Manager

February 2, 2023

A Basic Guide To Cell Tower Leasing

February 2, 2023
Facebook Twitter Instagram
E Amazings – Money management
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
  • Need Help?
Facebook Twitter Instagram
E Amazings – Money management
You are at:Home»Business»Nifty, Sensex drop two per cent as bears take control of D-Street—Key factors behind today’s market fall
Business

Nifty, Sensex drop two per cent as bears take control of D-Street—Key factors behind today’s market fall

By September 23, 2022No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter Pinterest WhatsApp Email

[ad_1]

The Indian market fell nearly two per cent on Friday’s intraday trade amid multiple global and domestic factors. Benchmarks Nifty50 declined two per cent to slip below 17,300, while the Sensex dropped over 1000 points to trade below the 58,000-mark.  The 12-share Bank Nifty slipped three per cent or around 1200 points to trade near 39,400.

Following benchmarks, Nifty Midcap and smallcap fell by 1.4% and 1.3% respectively. Sectorally, bank, financial and auto stocks led the drag, while IT index traded flat. However, Pharma and healthcare outperformed the market, gaining almost one per cent each.  

Meanwhile several factors led to this fall. Below are the key factors weighning on the market today.  

FOMC Meeting Impact 

The world markets have been trading jittery after the US Federal Reserve raised the interest rate hike by 75 basis points on Wednesday. The US market fell for the third straight session reacting to the Fed rate hike. The impact was also visible on Indian markets, which fell almost one and half per cent on Friday.  

Inflation and recession fears 

The markets were also reacting to the recession and inflation fears, which was triggered by the third consecutive rate hike of 75 bps by the US Fed since June. The Asian markets too traded with weakness in the early trade as Hang Seng Index and Chinese Shanghai Composite declined between 0.5-1% on Friday.  

FIIs trend reversal 

After ending August on high note, the foreign institutional investors have so far shown lukewarm response to the Indian market in comparison the previous month. Though FIIs net buy in September remains marginally positive, it has drastically come down in the past one week. As on September 22, the market remained net buyers in the cash market with just Rs 453.86 crore.  

“Resumption of FPI buying since July has been supporting the rally in India. Now this is under threat with FPIs turning sellers in 5 out of the last 7 days. FPIs are unlikely to buy consistently when the US 10-year bond yield is above 3.7% and the dollar index is above 111,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. 

Rising Dollar and weakness in rupee 

The US dollar continues to gain strength against Indian rupee. The INR fell 41 paise to all-time low of 81.20 against US dollar in early trade on Friday.  

“The global risk-off is gaining strength aided by the steadily rising dollar. Dollar is rising against all currencies and this will impact capital flows into emerging markets including India. Resumption of FPI buying since July has been supporting the rally in India,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. 

On USD-INR outlook, Anand James – Chief Market Strategist at Geojit Financial Services said the gigantic move expected in the last few days unfolded yesterday and far exceeded the 80.3 objective we had lined up. “Ideally, the present move has room till 81.8. Downsidemarker may be placed at 80.7 for now,” the expert said.



[ad_2]

Source link

Related Posts

Air Duct Repair 101: Everything You Need To Know

By Corbin BowenFebruary 2, 2023

Advantage LIC? How Budget Insurance Amendment Bill may benefit the PSU insurance giant

By January 5, 2023

LIC offering multiple benefits on premium payment with co-branded credit cards with Axis Bank: Check features, offer

By January 5, 2023

Foreign universities will need UGC’s nod to set up campuses in India

By January 5, 2023
Add A Comment

Comments are closed.

Our Picks

What Closing Costs Do Home Buyers Have?

By Corbin BowenFebruary 25, 2023

What Is Realtek HD Audio Manager

By Corbin BowenFebruary 2, 2023

A Basic Guide To Cell Tower Leasing

By Corbin BowenFebruary 2, 2023
Recent Posts
  • What Closing Costs Do Home Buyers Have? February 25, 2023
  • What Is Realtek HD Audio Manager February 2, 2023
  • A Basic Guide To Cell Tower Leasing February 2, 2023
  • Air Duct Repair 101: Everything You Need To Know February 2, 2023
  • Advantage LIC? How Budget Insurance Amendment Bill may benefit the PSU insurance giant January 5, 2023
  • The Flight Of The Dremel January 5, 2023
  • LIC offering multiple benefits on premium payment with co-branded credit cards with Axis Bank: Check features, offer January 5, 2023
Archives
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • September 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
Facebook Twitter Instagram Pinterest TikTok
© 2022 E Amazings - All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.