Global Economy Fears Trigger Fall in the Market. NIFTY Ends 3-week Winning Streak - Post Market Report
Markets close at their lowest point for the week.
NIFTY opened with a gap-down at 16,306 and kept moving lower. The index even broke the support zone at 16,200 after noon. NIFTY closed the day at 16,201, down by 276 points or 1.68%.
BANK NIFTY started the day at 34,752 with a gap-down of 250 points. The index kept on falling throughout the day at specific intervals. After a total fall of nearly 400 points from the day-high, Bank Nifty ended the day at 34,483, down by 601 points or 1.71%.
All sectoral indices closed in the red. NIFTY IT, NIFTY Finserv and Bank Nifty saw the worst falls.
Asian markets closed in the red today. European markets are also trading in the red.
Kotak Bank (-3.9%) closed as the top loser in NIFTY 50. It was accompanied by Bajaj Finance (-3.9%) and HDFC (-3.7%) from the finance sector.
Transformers and Rectifiers (+8.5%) share shot up after getting orders of transformers for a value of Rs 186 crores.
PNB Housing (-7%), Indiabulls Housing (-4.2%) and other finance stocks ended in the red.
Welspun Enterprise (-8.4%) moved up after UK-based global investor Actis bought road assets of the company for Rs 6,000 crore.
Power Ministry says India's electricity demand records a new high of 2.1 lakh MW.
There is fear in China over local banks collapsing and the strength of the financial institutions. Asian markets moved lower because of this.
Expecting more developments over the weekend regarding this. The inflation data from the U.S. is also expected tonight. European markets are trading lower in fear of this.
Bank of England said that UK’s 12-month inflation expectations are at the highest on record. Market participants around the world are looking at this key inflation data a month after interest rates were increased.
With today’s fall, NIFTY has lost its 3-week winning streak. The NIFTY IT index has fallen for 9 out of the last 10 weeks.
As the week closes, stay updated on the inflation data and the news from China about weakness in the banking system.
See you at The Stock Market Show at 7 PM!