Sensex falls 509 pts, Nifty near 16,850; RIL, ITC shed 3%, pharma stocks up
CLOSING BELL: Among sectors, the Nifty Metal, and PSU Bank indices dipped 2 per cent each, while the Nifty Pharma index gained 0.6 per cent
Stock market highlights: The bear-party, which started with the US Federal Reserve (US Fed) hiking rates by 75 basis points last week, continued for a sixth straight day on Dalal Street on Wednesday. The S&P BSE Sensex fell 509 points to close at 56,598, while the Nifty50 ended 149 points lower at 16,859. Both the frontline indices fell 0.89 per cent each.
In the broader markets, the BSE MidCap, and SmallCap indices lost 0.4 per cent each. Among sectors, the Nifty Metal, and PSU Bank indices dipped 2 per cent each, while the Nifty Pharma index gained 0.6 per cent.
Taking stock :: ITC's rally to end?
Sector analysis :: IT stocks
MARKET COMMENT | Vinod Nair, Head of Research at Geojit Financial Services
Investors continue to be sceptical of the domestic market's higher premium amid the ongoing global deceleration while foreign investors are fleeing emerging economies in search of safer havens. Although the domestic economy is buoyed by solid fundamentals, the stock market's appetite for risk has been hindered by the rising worries of a worldwide recession. Domestic investors are turning to IT and pharma companies, which have been in a consolidation phase for the past year and are now gaining from the INR depreciation. The RBI policy meeting is currently underway, and the central bank is likely to raise repo rates by 35-50 basis points, however, the inflation outlook may soften in reaction to declining commodity prices.
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First Published: Sep 28 2022 | 8:14 AM IST