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Sensex drops 715 pts, Nifty holds 17150 in broad-based sell-off; banks sink

CLOSING BELL: SBI, HUL, IndusInd Bank, Axis Bank, Dr Reddy's Labs, Bajaj Finserv, and ICICI Bank fell in the range of 2-3 per cent

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SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

MARKET LIVE: Sensex sheds over 700pts, Nifty below 17,200; all sectors sink
CLOSING BELL

Benchmark indices, which seemed to be recovering from morning losses, lost ground yet again in the fag-end of the session as investors dumped stocks across the board. Sentiment remained tepid throughout the day after Federal Reserve Chair Jerome Powell said overnight that a half-percentage point rate hike is "on the table" for next month.

Click here for market snapshot

While Bank, Financial Services, Pharma, and Metal indices were the worst hit (down around 2 per cent each), Auto, FMCG, and IT indices were the least hit sectors, down 0.6 per cent each.

Overall, the index shed 714.5 points to end at 57,197, and the index tumbled 221 points to shut shop at 17,172. Both the indices hit intra-day lows of 57,135 and 17,149, respectively.

ALSO READ: 5 Nifty50 stocks that can rally up to 30% in coming days

In the broader markets, the BSE MidCap index and Smallcap index slipped 0.7 per cent and 0.4 per cent, respectively. 

Meanwhile, in the money market, 10-year government bond yield hardened by 0.46 per cent to hit 7.17 per cent-mark in India. Globally, the 5-year US Treasury yield topped 3 per cent-mark in early deals.

Market strategy by Milind Muchhala, Executive Director, Julius Baer
The seem to be slightly cautiously positioned, as the Q4FY22 earnings season has begun on a mixed note with small disappointments from a couple of large sectoral majors. Also, the impending concerns of elevated commodity prices due to geopolitical situation and supply chain challenges, and with increasing expectations of a harsher hike by the US Fed, the market may continue to witness higher volatility in the near term. We have been slightly cautious on the since the past few weeks and suggest creating some liquidity in the recent pullback, as the uncertainty and volatility is likely to continue for some more time.

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