Nifty50 fell for the fifth straight day on the weekly expiry today and hit a new 52-week low of 15,335 after the US Fed chose to hike interest rates by 75 basis points. Sensex fell over 1,000 points to end below 51,500 mark. As a result, D-Street investors lost around Rs 5.5 lakh crore.
Among sectors, Metals, Realty and Telecom led the losses. BSE Smallcap and Midcap indices fell 2.3-2.9%, underperfoming the Nifty.
Three largecap IT stocks, Tech Mahindra, Wipro and Infosys, were among the 10 Nifty stocks that were at a year’s low.
Analysts at J.P. Morgan upgraded Reliance Industries to “overweight” from “neutral”, but the company’s shares ended down 1.4% after an initial 2.4% rise.
Shares of budget carriers SpiceJet and IndiGo owner InterGlobe Aviation fell 6.7% and 5.2%, respectively. SpiceJet’s managing director said the hike in aviation turbine fuel price was “not sustainable” and could lead to price hikes.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said Nifty may slide down to the next lows of around 15,000-14,800 in the near term. Any upside bounce from here could be a sell on rise opportunity, he said.
That’s all for now. Do check out ETMarkets.com for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye Bye!