Sensex, Nifty break two-day winning streak weak global notes


Sensex, Nifty Break Two Day Success Failure Weak Global References

Indian stock market benchmarks reflected their two-day success on Wednesday on losses in global markets as oil prices hit a seven-year high, sparking concerns of rising inflation. The Sensex fell above 850 points and the Nifty 50 index fell below 17,650 after touching an intraday high of 17,884.60. Analysts said the weak trend in global markets in the first half of the session exceeded Indian criteria, but with an increase in volatility and a high level of profit booking, the criteria fell sharply leaving domestic profits.

The Sensex was down 555 points at 59,190 and the Nifty 50 was down 176 points at 17,646.

Weighted oil prices in equity markets reached their highest level since November 2014, and rising energy costs could force investors to raise rates faster against rising central inflation.

Euro STOXX 600 fell 1.8 percent, gaining at its best day in 11 weeks on Tuesday, with technology stocks leading less than 2 percent and Germany losing 1.6 percent.

Sales pressure was broad as all 15 sector benchmarks compiled by the National Stock Exchange ended lower with the Nifty metal index falling nearly 3 per cent.

Nifty Auto, Information Technology, Pharma, PSU Bank, Realty and Consumer durability indices also fell by 1-2 per cent.

Medium and small cap stocks saw selling pressure as the Nifty Midcap 100 Index fell 0.8 percent and the Nifty Small Cap 100 Index fell 0.9 percent.

Of the eight stocks, the Nifty was able to close 50 basket stocks. Hindalco Nifty topped the list with a loss of 4 per cent to Rs. Ended up being 475. Reliance Industries also fell 2-3.6 per cent.

Conversely, Tata Consumer Products, ONGC, UPL, Britannia Industries, HDFC Bank, Bharat Petroleum, HDFC and Bajaj Finance were among the gainers.

Overall market width was negative, with 1,851 shares closing lower and 1,437 higher on the BSE.

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