Sharp fall in Nifty


Indian market on Wednesday ended with gains although there was volatility during the closing hours. The Nifty50 settled above the 12,100-mark at 12,129.10 level, up 73.30 points or 0.61 percent. And in the sectors, except for Nifty Pharma, all the key sectoral indices ended the day in the green. Nifty FMCG index was up 1.20 percent at the close, followed by gains in Nifty Metal index up by 0.79 percent, and Nifty Auto index up by 0.77 percent.

The US market rose on Wednesday overnight boosted by corporate earnings with the Dow Jones index rising 0.4% or 11 points. While the S&P 500 index slipped 2.84 points, or 0.1%, to 3,273.40. The Nasdaq Composite Index COMP advanced 5.48 points, or 0.1%, to finish at 9,275.16. The Federal Reserve held interest rates steady at its meeting on Wednesday and tweaked its post-meeting statement to reflect what appears to be a stronger commitment to nudge up inflation.

Asian stocks slipped today as the Feds kept the rate unchanged. Hong Kong’s Hang Seng index fell 1.72% by the afternoon. The Nikkei 225 in Japan slipped 1.84% while the Topix index declined 1.77%. In South Korea, the Kospi was 1.45% lower.

The domestic market slipped today from its early high and the Nifty index has fallen for more than 63 points on the Nifty expiry day. The S&P BSE Sensex dipped 145 points, or 0.35 percent, to 41,050 levels. Reliance Industries, Tata Steel, and IndusInd Bank (all down 1%) were the top laggards in the Sensex pack. On the other hand, NTPC gained 1 percent. The broader Nifty50 index dipped 50 points, or 0.4 percent, to Rs 12,080 levels. All the Nifty sectoral indices, except Nifty Realty index, were trading in the red. Nifty Metal index, down 0.8 percent, bled the most, while Nifty Pharma and Nifty Bank indexes were both down by 0.5 percent. In the broader market, the S&P BSE MidCap index was trading 15 points lower while the S&P BSE SmallCap index was down 23 points.

Oil prices, which have been sliding in anticipation of the virus hurting global demand, sat close to lows touched on Monday. US crude last traded 0.56 percent lower at $53.03 a barrel. Brent crude settled at $59.81 per barrel.

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