Geo-Political tension, US Federal Reserve lowering interest rates to fight inflation are one of the main reasons for BSE Sensex falling by more than 400.92 points and slipping to 36,162.96 points earlier today. Whereas the broader NSE NIFTY 50 dropped below the 10,800 mark and was down by 115 points at 10,725.60 level. Federal reserves all over the world including Reserve Bank of India (RBI) have been instructed to lower the interest rates to fight recession and inflation rates. Losses have been incurred in banking, metal, and IT sectors mostly but gained support from automobile and consumer goods sector.
Sensex top gainers as of today are Asian Paints with 0.81% increase, followed by Hindustan Unilever at 0.67%, Airtel at 0.60%, Maruti Suzuki, Tata Motors at 0.36% and 0.21% respectively. The sector which has been majorly affected is banking- SBI at a loss of 1.94%, ICICI Bank at loss of 2.51%, Indusland bank at -2.76%, and Yes Bank at -5.30%. The YES Bank stock is trading lower today as it slips for the fourth consecutive day. Opening at 6% loss, at Rs 60 per share, the stock is under pressure.
Despite government making it clear that oil prices won’t change, Indian markets are struggling to be stable. Increasing concerns over Indian market yesterday foreign investors in total sold equities worth Rs 960 crores. Currently, the market looks very volatile and it is a suggestion for investors to think wisely before investing. Apart from banking, steel sectors, Housing finance stocks too have slipped with PNB housing finance at a fresh all-time low at RS s 601, 2% loss. The rupee today opened at 71.15 to US dollar, in comparison to yesterday’s close, the Indian rupee closed at 71.23 and today is at a loss of 0.14%.