ANI
25 Jan 2023, 17:57 GMT+10
New Delhi [India], January 25 (ANI): Indian stock indices slumped sharply during Wednesday's trade, weighed by a sharp decline in all sectoral indices.
Banking and financial stocks were the top losers, with Nifty bank, Nifty financial services, Nifty PSU bank, and Nifty private bank declining the most. They declined in the range of 2.1-3.6 per cent.
Accordingly, Sensex closed at 60,205.06 points, down 773.69 points or 1.27 per cent, whereas Nifty closed at 17,891.95 points, down 226.35 points or 1.25 per cent.
The subdued market sentiment is due to the possibility of slowing global economic growth this year and the latest pulling out of funds by foreign portfolio investors (FPIs) from Indian stocks.
Foreign portfolio investors (FPIs) have sold assets worth about Rs 16,766 crore in Indian stock markets so far in 2023, the latest data from National Securities Depository showed.
"Indian equities witnessed significant sell-off as the market appeared apprehensive ahead of the upcoming Union Budget and Fed meeting next week. Sentiments were dampened by persistent FII selling, where funds are being shifted to other emerging markets as a result of attractive valuations," said Vinod Nair, head of research at Geojit Financial Services.
Furthermore, a weak economic growth outlook that stoked recession fears pulled down global markets," said Nair.
Going ahead, for fresh cues, investors would keep an eye on the upcoming Union Budget for 2023-24, slated to be presented on February 1.
On Wednesday, the rupee closed largely steady at 81.64 versus the US dollar.
"Rupee will be in a volatile range now between 81.25-81.85 until the Budget and Fed's policy rate decision along with statements come across on 1st Feb," said Jateen Trivedi, VP and research analyst at LKP Securities. (ANI)Get a daily dose of San Jose Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to San Jose Sun.
More InformationBOSTON, Massachusetts: Private equity investor William Chisholm has agreed to buy the Boston Celtics in a record-breaking deal worth...
(Photo credit: David Reginek-Imagn Images) The Detroit Pistons will try to end two long streaks in one night when they host the Eastern...
(Photo credit: David Banks-Imagn Images) Josh Giddey buried a miracle shot from beyond halfcourt at the final buzzer as the Chicago...
(Photo credit: Joe Camporeale-Imagn Images) Miguel Amaya drove in five runs with two doubles and the Chicago Cubs broke a two-game...
(Photo credit: Nick Turchiaro-Imagn Images) Cedric Mullins and Adley Rutschman each hit two home runs and the visiting Baltimore...
(Photo credit: Sergio Estrada-Imagn Images) Zach LaVine scored 29 points on 13-of-18 shooting to help the Sacramento Kings break...
BEIJING, China: As global tech firms navigate rising geopolitical tensions, China has extended a warm signal to Apple, one of its most...
NEW YORK, New York - Shares in automakers fell sharply Thursday after U.S.President Donald Trump imposed a 25 percent tariff on all...
WASHINGTON, D.C.: Federal safety regulators have launched a new investigation into Ford's best-selling F-150 pickup trucks after receiving...
WASHINGTON, D.C.:/SEOUL: Hyundai Motor Group is set to dramatically expand its U.S. footprint, with a US$20 billion investment that...
STANSTEAD, Quebec: U.S. authorities have decided to end a long-standing unwritten rule that allowed people from Stanstead, Quebec,...
NEW YOKK, New York - U.S. stocks fell sharply Wednesday with tech stocks, mainly those associated with AI, taking the brunt of the...