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Market falls after five sessions: Sensex tanks 709 points, Nifty closes below 16,700

Market falls after five sessions: Sensex tanks 709 points, Nifty closes below 16,700

Sensex closed 709 points lower at 55,776 and Nifty lost 208 points to 16,663. Of 30 Sensex stocks, 20 ended in the red.

Aseem Thapliyal
Aseem Thapliyal
  • Updated Mar 15, 2022 4:31 PM IST
Market falls after five sessions: Sensex tanks 709 points, Nifty closes below 16,700Sensex closed 709 points lower at 55,776 and Nifty lost 208 points to 16,663.

The Indian market snapped five sessions of gaining streak today amid losses in its global peers. Sensex closed 709 points lower at 55,776 and Nifty lost 208 points to 16,663. M&M, Maruti , Nestle India, and Asian Paints were the top Sensex gainers, rising up to 2.23 per cent.

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Tata Steel, Kotak Bank, Tech Mahindra , Infosys and Reliance were the top Sensex losers, falling up to 4.89%. Of 30 Sensex stocks, 20 ended in the red.

BSE mid-cap and small-cap indices fell 159 points and 238 points, respectively.

Market breadth was negative with 1,342 shares ending higher against 2,045 stocks falling into red. 101 shares were unchanged.

Market cap of BSE-listed firms fell to Rs 251.65 lakh crore. Metal and IT shares were the top sectoral losers, with BSE metal falling 913 points and BSE IT index slipping 830 points today.

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities said, "On daily charts, Nifty has formed a bearish candle which indicates strong possibility of temporary weakness. We are of the view that, as long as the Nifty holding the levels of 16500-16400  the uptrend is intact. On the higher side, the immediate hurdle would be 16900-16950.  On the downside, any fall below 16400 may increase further weakness up to 16350-16300. In the coming days, the markets are expected remain volatile hence level based trading would be the ideal strategy for the day traders."

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All 17 sectoral indices except BSE auto ended in the red. BSE auto index closed 128 points higher at 23,099.

Share Market update: Sensex falls 700 points, Nifty ends below 16,700; Tata Steel, Tech Mahindra & Kotak Bank top losers

Vinod Nair, Head of Research at Geojit Financial Services said,"The world equity market lost its momentum as new financial & trade sanctions were imposed on Russia along with the suspension of gas imports. It is a setback for the market sentiment, which was improving in anticipation of a truce in war.

The Indian market was outperforming due to ease in commodity prices. World markets are also lower ahead of the US Fed meeting in which the market widely expects FOMC to initiate a rate hike."

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Sensex and Nifty closed higher for the fifth straight session on Monday, led by gains in banking and IT stocks. A fall in global crude oil prices also aided positive market sentiment. Brent crude oil, the standard for international pricing, declined $2.63 to $110.04 per barrel.

Sensex closed 935 points higher at 56,486 and Nifty zoomed 240 points to 16,871. Infosys, HDFC Bank , State Bank of India, Maruti, Axis Bank, and ICICI Bank were the top Sensex gainers, rising up to 3.76 per cent.

Foreign institutional investors continued their selling spree in Indian markets as they offloaded shares worth Rs 176 crore on a net basis on Monday, according to exchange data.

 Global markets

World markets fell, with Hong Kong down almost 6% and Shanghai sinking 5% as virus lockdowns and rising numbers of COVID cases in China threaten to disrupt manufacturing and trade.

Germany's DAX lost 2.3% to 13,612.44 and the CAC 40 in Paris was also 2.3% lower at 6,223.67. Britain's FTSE 100 declined 1.5% to 7,088.89.

Shares in Hong Kong fell sunk to near six-year lows after the neighboring city of Shenzhen was ordered into a shutdown to combat China's worst COVID-19 outbreak in two years.

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The Hang Seng index lost 5.7% to 18,415.08 after wobbling more than 6% lower. The Shanghai Composite gave up 5% to 3,063.97.

Tokyo's Nikkei 225 rose 0.2% to 25,346.48, while the Kospi in Seoul gave up 0.9% to 2,621.53. Australia's S&P/ASX 200 slid 0.7% to 7,097.40 and shares also fell in Taiwan and Bangkok.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Published on: Mar 15, 2022 3:58 PM IST
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