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 Sports 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 Sports Sun.
More InformationIndiana Pacers center Myles Turner agreed on a two-year, $60 million contract extension, ESPN reported on Saturday. Per CAA Sports, ...
Maybe you missed the window to take advantage of the teeter totter Bengals-Chiefs line this week or can't get a ...
San Francisco 49ers linebacker Dre Greenlaw was fined $10,609 by the NFL for his unnecessary roughness penalty on Dallas Cowboys ...
Brooklyn Nets guard Ben Simmons has been ruled out for Saturday's game against the visiting New York Knicks due to ...
Brock Purdy emerged out of nowhere to become just the third rookie quarterback in NFL history to win his first ...
The Toronto Maple Leafs hope captain John Tavares' 1,000th career game Sunday against the visiting Washington Capitals is the catalyst ...
Maybe you missed the window to take advantage of the teeter totter Bengals-Chiefs line this week or can't get a ...
San Francisco 49ers linebacker Dre Greenlaw was fined $10,609 by the NFL for his unnecessary roughness penalty on Dallas Cowboys ...
Brock Purdy emerged out of nowhere to become just the third rookie quarterback in NFL history to win his first ...
The Cincinnati Bengals elevated quarterback Jake Browning and offensive tackle Isaiah Prince to the active roster for Sunday's AFC Championship ...
The Baltimore Ravens interviewed Georgia offensive coordinator Todd Monken this week about their vacant OC position, NFL Network reported Saturday. ...
Washington [US], January 28 (ANI): The award-winning screenwriter of "Remember the Titans," Gregory Allen Howard, died in Miami, Florida, following ...