ANI
25 Jan 2023, 22:27 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 Japan Herald 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 Japan Herald.
More InformationMACAU CITY, Macau: Over the Lunar New Year holiday, Macau, the world's largest gambling hub, witnessed a resurgence of tourists ...
SINGAPORE: In December, Singapore saw its key consumer price gauge rise 5.1 percent, higher than predicted, official data said. However, ...
TOKYO, Japan: Japanese Prime minister Fumio Kishida said this week that it was "now or never" for Japan, one of ...
BANGKOK, Thailand: Following China's reopening and the end of its strict COVID-19 restrictions, businesses on Thailand's holiday island of Phuket ...
SEOUL, South Korea: Korea Customs Service data released this week showed that South Korean exports for the first 20 days ...
TOKYO, Japan: The Yomiuri newspaper has reported that Japanese Prime Minister Fumio Kishida is planning to visit Kyiv in February ...
SINGAPORE: In December, Singapore saw its key consumer price gauge rise 5.1 percent, higher than predicted, official data said. However, ...
RESTON, Virginia: Amidst labor and supply shortages, US defense contractor General Dynamics forecasted weak 2023 results, though strong demand for ...
ATLANTA, Georgia: In light of its significant debt, the slowing economy and rising interest rates stifling consumer demand, US mattress-maker ...
BENTONVILLE, Arkansas: To attract and retain employees in a tight domestic labor market, Walmart has announced that it it will ...
NEW YORK, New York - U.S. stocks hesitatingly continued higher Friday, reflecting widespread gains, albeit modest ones, across the globe."We're ...
NEW YORK CITY, New York: As early as this year, lab-grown meat could be served in some restaurants in the ...