October 4, 2022
Stock Market Today: Huge fall in the stock market, Sensex fell 1000 points

Mumbai: The Indian stock market fell nearly 2 per cent on Friday as the market feared that the US Federal Reserve’s aggressive stance would intensify foreign fund outflows. Besides, financial stocks declined after the Reserve Bank barred Mahindra Group’s financial services arm from using third-party agents to recover loans.

At the close of trading today, the NSE Nifty 50 index fell 1.72 per cent to 17,327.35 and the S&P BSE Sensex fell 1.73 per cent to 58,098.92. The Sensex has lost 1020 points. Both the indices have lost over 1 per cent this week and the gains so far this year have been eroded.

Today this bank is a loser

Power Grid Corporation of India was the top loser in the Sensex pack today with a fall of nearly 8 per cent. This was followed by Mahindra & Mahindra (M&M), State Bank of India (SBI), NTPC, Bajaj Finserv and Bajaj Finance, HDFC Bank and Housing Development Finance Corporation (HDFC), IndusInd Bank, Axis Bank, Titan Company and ICICI Bank.

In contrast, Sun Pharmaceutical Industries, Tata Steel and ITC closed in the green. All the sectoral indices of NSE closed on the red mark on Friday. Bank Nifty lost 2.67 per cent, Nifty Financial Services 2.48 per cent, Nifty Realty 2.96 per cent and Nifty Media lost 3.44 per cent.

US Federal Reserve’s aggressive hike

In the broader market, the S&P BSE Midcap index fell 588.47 points (2.28 per cent) to end at 25,271.41, while the S&P BSE Smallcap ended 564.59 points (1.92 per cent) lower at 28,812.76. On the NSE, the volatility index or India VIX rose 9.44 per cent to 20.59.

Aggressive hikes by the US Federal Reserve and consistently high rates over the next year have triggered another round of dollar buying. The Fed Reserve’s move will drive back a lot of money coming into emerging markets. Data shows foreign investors this week netted $152 million in Indian equities as of Thursday, compared to $819 million net buy last week Had it.

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