Domestic equity benchmarks Nifty50 and Sensex were under pressure on April 12 amid broad-based selling. Financial stocks were the top drags as hot US inflation data eroded hopes of early Federal Reserve rate cuts.
Domestic equity benchmarks Nifty50 and Sensex were under pressure on Friday, April 12 amid broad-based selling. Financial stocks were the top drags as hot US inflation data eroded hopes of early Federal Reserve rate cuts.
The Nifty index lost 234.4 points or 1.03 per cent to end at 22,519.4 while the Sensex settled at 74,244.9, down 793.25 points or 1.06 per cent from its previous close. Among the widely-tracked Nifty 50 stocks, 45 stocks slipped while the rest five stocks advanced at a close. Sun Pharma, Maruti Suzuki, Power Grid, Titan and ONGC were the top losers on the Nifty50 while Divi’s Bajaj Auto, Tata Motors, TCS, and Nestle India while notable gainers.
n the last two trading sessions, global markets exhibited volatility after hotter-than-expected US CPI inflation print dashed hopes of a rate cut in June. Further, the European Central Bank too left its key rate unchanged.
That apart, the market mood remained subdued on fears of selling pressure from Mauritius-based Foreign portfolio investors (FPIs) as reports suggested that they may face higher scrutiny post amendment in the India-Mauritius tax treaty, which introduced a principle purpose test (PPT) to prevent treaty abuse by taxpayers.
The S&P BSE Sensex, which resumed trading after Thursday’s holiday, slid to lower levels in second half of the trading session. The BSE benchmark hit a low of 74,189 and finally settled with a loss of 793 points at 74,245.
The NSE Nifty 50 plunged to a low of 22,504 and ended at 22,519 – down 234 points.
Among the Sensex 30 stocks, Sun Pharma plunged 4 per cent, and Maruti shed 3.5 per cent. Power Grid, Titan, JSW Steel, Tech Mahindra, UltraTech Cement, Larsen & Toubro, Infosys, SBI, Axis Bank, Hindustan Unilever, ITC, Wipro, Asian Paints and HDFC Bank were the other significant losers.