Live stock market updates: IT and banking stocks bring down key indices. HDFC AMC plunges 6%, FRL rebounds 7%
Concerns about the US default, a sharp drop in US stocks overnight and worries about the global economic slowdown could hit domestic stocks as the market opens on Wednesday. Asian markets fell as much as 2 percent in early trading. All eyes are on the Aditya Birla Sun Life AMC IPO opening today.
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Opening bell: Sensex tanks 450 pts, Nifty50 below 17,650; HDFC AMC plunges 6%, FRL rebounds 7%
Pre-open session: Sensex loses 445 points, Nifty slips below 17,600
Dollar stands tall as traders prepare to shrink
The dollar traded near its highest levels of the year on Wednesday, after rising with U.S. yields and capitalizing on investor nervousness that the Federal Reserve would begin to withdraw political support as the winds opposites of global growth are strengthening. The dollar index stood at 93.805.
Oil drops as supply-driven rally runs out of steam
Oil prices fell for the second day in a row on Wednesday as doubts re-emerged over demand, with COVID-19 cases continuing to rise around the world and gasoline shortages in some areas. Brent crude fell $ 1.03 or 1.3% to $ 78.06 a barrel, after falling nearly $ 2 on Tuesday after hitting $ 80.75, its highest level in nearly three years. US oil fell $ 1.02 or 1.4% to $ 74.27 a barrel, after falling 0.2% in the previous session.
SGX Nifty announces start of delay
Shrewd futures on the Singapore Stock Exchange traded 110 points, 0.62% lower at 17,657.50, signaling that Dalal Street was heading for a lower start on Wednesday.
Tech View: volatility is expected to increase in the coming days
Nifty50 formed a bearish candle with a long lower wick on Tuesday, reflecting buying at lower levels. But analysts are not impressed. Analysts say several supports are placed near the 17,600 level, but they do not rule out high volatility in the coming days. They advised traders to be careful with their short term trading positions.
Aditya Birla SL AMC IPO Begins Today
The Aditya Birla Sun Life AMC IPO will be open for public subscription on Wednesday. The AMC had allotted 1 10 80,800 shares to main investors on Tuesday at Rs 712 each, valuing the overall transaction at Rs 788.95 crore, according to a circular posted on the ESB website.
Hong Kong stocks fall as trade begins
Hong Kong stocks fell as markets opened on Wednesday following heavy losses on Wall Street fueled by growing concerns over inflation and a possible default on US debt. The Hang Seng Index fell 0.91%, or 223.68 points, to 24,276.71. The Shanghai Composite Index fell 0.80%, or 28.70 points, to 3,573.52, while the Shenzhen Composite Index on China’s Second Stock Exchange was also down 0.80%, or 19, 34 points, at 2,382.86.
Japan’s Nikkei opens down 2% on global market nervousness
Tokyo’s key Nikkei index opened down 2% on Wednesday, prolonging nervousness in the global market, with traders worried about rising oil prices and fears of a US debt default. The benchmark Nikkei 225 index fell 2.00 percent, or 602.55 points, to 29,581.41 at the start of trading, while the broader Topix index fell 2.11 percent, or 43.83 points, at 2,037.94.
US stocks retreated
Wall Street fell as tech stocks hit hard as Treasury Secretary Janet Yellen urged Congress to quickly raise the debt ceiling to keep the U.S. government functioning. The S&P 500 lost 90.48 points to 4,352.63. The Dow Jones Industrial Average fell 569.38 points, or 1.6%, to 34,299.99. The blue chip index briefly lost 614 points. The Nasdaq Composite was down 2.83% to 14,546.68. The Russell 2000 Index lost 51.23 points, or 2.2%, to 2,229.78. .
FII sells shares valued at Rs 1,958 crore
Net-net, foreign portfolio investors (REITs) turned sellers of domestic stocks to the tune of Rs 1,957.70 crore, according to data available from NSE. The DII were buyers to the tune of Rs 161.45 crore, the data suggests.
The rupee falls 23 paise against the dollar
The rupee fell 23 paise to close at 74.06 against the US dollar on Tuesday as weaker Asian peers and massive selling of domestic stocks weighed on investor sentiment. In the interbank forex market, the local currency opened at 73.79 and experienced an intraday high of 73.73 and a low of 74.12 against the US dollar in daily trading.
Sensex, nice Tuesday
After plunging 1,032 points during the session, the 30-stock BSE barometer cut a few losses to finish at 410.28 points or 0.68% lower at 59,667.60. The larger National Stock Exchange Nifty fell 106.50 points or 0.60% to close at 17,748.60, dragged down by Bharti Airtel and Tech Mahindra. As many as 32 of Nifty’s constituents have declined while 18 have progressed.