Market hits 52-week low: On Thursday, global equities markets dropped after the relief rally following the announcement of the Federal Reserve interest rate hike. Records were touched on European stocks due to central bank efforts to tame inflation. After the US Fed’s hike, the Bank of England raised lending rates for the fifth time in a row.
The Indian equity markets opened higher but failed to hold on to gains as the rally ended and a relief rally fizzled out. All across Asia, Europe, and the US, markets were hit by concerns about sustained rate hikes from the Fed.
Sensex cracks 1000 pts, Nifty closed below 15400 points – all sectors closed in the red, metals worst hit as Market hits 52-week low
- Sensex and Nifty close at 13-month low
- Midcap index and Nifty Bank undergoing a major decline
- Wipro, Tech Mahindra, Tata Steel, and Infosys among nine companies of the Nifty50 stocks have reached their 52-week lows.
- Metal stocks are top losers.
- Nifty Metal plunges five percent in valuation — Vedanta and Tata Steel tumble up to seven percent.
- The price of jet fuel has risen sharply, and because of this, the shares of airlines like IndiGo and SpiceJet have dropped.
- Tata Motors shares are down following a China economic collapse.
- Most midcap stocks like Strides, Delta, Chambal, and JSPL are among the top losers.
- Market breadth in favor of the bears — advance-decline ratio at 1:8.
After four consecutive losses, the stock market rose in Thursday’s session in response to the US Federal Reserve raising interest and Jerome Powell doing a dovish commentary. Market sentiment quickly turned negative and U.S. equity indices were among the first to suffer downside, following global peers.
Globally, equities fell after the Federal Reserve raised its key interest rate by three-quarters of a point. The rate increase was seen as an attempt to stave off inflation. European benchmarks and U.S. futures tumbled.
- Sensex collapsed 1,045.60 points to at 51,495.79
- Nifty tumbled 331.55 points to 15,360.60
- Nearly 607 shares showed growth
- 2680 dipped
- 97 remained unchanged
Correction isn’t over yet! says Jai Bala
“In the short-term, we might see a relief rally, but in the medium-term, the correction is not done yet,” says Jai Bala of Cashthechaos
Market hits 52-week low: SBI, Bajaj twins, ICICI Bank, and LIC were all among the top losers in today’s market crash. SBI dropped 4.02% in early trade, ICICI fell 3%, and LIC dropped up to 4%. The market cap of BSE-listed firms fell to 246.14 lakh crore rupees against 251.81 trillion rupees before the session.