Stock Market crashes: The Sensex index settled at 59,745 (down 928 points or 1.53 per cent), and Nifty50 at 17,553 (down 274 points or 1.54 per cent).
Domestic equity indices fell nearly 1% on Wednesday as market sentiment remained negative, with investors concerned about further US Fed rate hikes. The NSE Nifty 50 fell 184.55 points, or 1.04%, to 17,642.15 points, while the 30-share BSE Sensex fell 603 points, or 1%, to 60,069. Except for Nifty Pharma, all of the broader market and sectoral indices were trading in the red. The Bank Nifty fell 474.20 points, or 1.17%, to 40,199.40, while the Nifty IT fell 218 points, or 0.71%, to 30,728.60. Here are some of the reasons why the Nifty and Sensex are down today.
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Adani Group’s flagship firm, Adani Enterprises, fell sharply in Wednesday’s trade, extending their slide for the fourth consecutive session. Over the previous close of Rs 1,568.40, the stock fell 11.95 percent to a day low of Rs 1,381.05. The other listed entities of the apples-to-airport conglomerate also felt the pain after Wikipedia claimed that sockpuppets, some of whom were employees of the online encyclopaedia, created ‘puffery’ around Gautam Adani, his family, and the group by adding non-neutral material and removing warnings from the information.
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Domestic equity markets fell in intraday trade on Wednesday as investors awaited the Reserve Bank of India’s (RBI) and US Federal Reserve’s (FED) February minutes (US Fed).
While the Nifty50 index fell over 250 points to a low of 17,529, the S&P BSE Sensex fell nearly 1,000 points to 59,681 levels.
While retail inflation in India increased to 6.5 percent in January 2023, the consumer price index (CPI) in the United States increased 0.5 percent in January to 6.4 percent. With this increase in inflation data, both central banks have more ammunition to continue tightening policy.
