Market news for shares: The decline in market giant Reliance Industries (RIL) and financial companies contributed to the main indices on the BSE and National Stock Exchange (NSE) finishing more than 1% down on Friday. The Nifty 50 fell 198.05 points (1.10 percent) to close at 17,758.45, while the S&P BSE Sensex fell 651.85 points (1.08 percent) to finish at 59,646.15.
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Both indices had started the day flat with a slight positive bias, but they quickly started to fall during the late morning deals and finished the day in the red. The Sensex reached a low of 59,474.57 during intraday trading, while the Nifty reached 17,710.75. Out of the 30 equities that make up the Sensex, only three finished in the black. The major losers on Friday included Tata Steel, IndusInd Bank, the Bajaj twins, Bajaj Finserv and Bajaj Finance, the State Bank of India (SBI), Maruti Suzuki India, RIL, NTPC, Hindustan Unilever (HUL), and Mahindra & Mahindra (M&M).
Only Infosys, Tata Consultancy Services (TCS), and Larsen & Toubro (L&T) were able to finish in the black. The Nifty Bank index dropped 1.69 percent, Nifty Financial Services sank 1.58%, and Nifty Auto cracked 1.41 percent among industries. The S&P BSE SmallCap sank 263.19 points (0.93%) to close at 28,175.38 in the larger market, while the S&P BSE MidCap dropped 320.94 points (1.27%) to conclude at 24,965.57. The NSE India VIX volatility index increased by 5.38% to reach 18.2850.
As worries about interest rate hikes pervaded the markets, profit taking in the face of weak global cues had an influence on domestic indices. Bulls have also been taken aback by the recent dollar index increase and the FIIs’ unexpected tilt toward net selling. The index heavyweights drove the index further lower due to widespread selling, according to Vinod Nair, Head of Research at Geojit Financial Services.
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World Markets (from Reuters)
The dollar touched a one-month high on Friday as investors remained cautious while European stock indexes declined following the greatest increase in producer prices ever recorded in Germany. Concerns about the state of China’s economy had been dragging on mood as Asian stocks battled to find direction. By 0820 GMT, the MSCI world equity index, which measures shares in 47 nations, was down 0.3% on the day. The STOXX 600 index for Europe was down 0.4% on the day and is expected to drop 0.4% weekly.
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