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Sensex sheds 867pts, Nifty 272pts; IT, financials crack; ITC bucks trend

The Midcap and Smallcap indices declined over 2 per cent each; The breadth too favoured the bears in 3:1 ratio.

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MARKET LIVE | Markets | Nifty

SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

MARKET LIVE: Sensex sinks 800pts, Nifty near 16,450; Bajaj twins shed 4%
The key benchmark indices ended with significant losses amid a global market rout as record high inflation fueled fears of a faster rate hike, threatening the world economies.

The S&P tumbled to a low of 54,587, and finally settled 867 points lower at 54,835. In the process, the index was down 3.9 per cent (2,226 points) for the week. Similarly, the plunged 272 points to 16,411, ending the week with a huge loss of 4 per cent.

Financial and IT shares bore the brunt of the selling pressure. Bajaj Finance slumped 4.8 per cent, while Bajaj Finserv tanked 3.5 per cent. Axis Bank shed 4 per cent. Nestle India too declined over 3 per cent.

Wipro, HDFC, Infosys, HDFC Bank, UltraTech Cement, Titan, TCS, IndusInd Bank and Asian Paints were the other major losers. was down 0.6 per cent ahead of its Q4 numbers.

On the positive front, Tech Mahindra and PowerGrid Corporation rallied over 2 per cent each. ITC, SBI and NTPC were the other notable gainers.

The broader also ended with steep losses. The Midcap and Smallcap indices were down over 2 per cent each. The overall breadth too was fairly bearish, with more than 2,500 declining stocks versus 850 advancing shares on the BSE. 

Sectorally, the BSE metal and realty indices slumped over 3 per cent each. The IT and Consumer Durables indices were the other major losers, down over 2 per cent each. The Auto, Bankex and Healthcare indices declined 1.7 per cent each.

BS Special :: Chris Wood on India

India remains Asia's best long-term structural story in terms of equities and investors should buy their favourite stocks on a decline, suggested Christopher Wood, global head of equity strategy at Jefferies in his latest note to investors, GREED & fear. READ MORE

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