Home NewsStock Market News Sensex news today: Powell’s harsher-than-expected tone sends Sensex tumbling for 2nd day

Sensex news today: Powell’s harsher-than-expected tone sends Sensex tumbling for 2nd day

by WOOWinvest
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Sensex news today: Powell’s harsher-than-expected tone sends Sensex tumbling for 2nd day


Led by losses in banks and financials, and after the US Fed projections turned out to be harsher than expected, domestic indices ended in the red for the second day in a row on Thursday. While the Sensex ended 337 points lower, Nifty declined 0.5% to end the weekly expiry day above 17,600. twins contributed over half to Sensex’s loss today as traders dumped bank stocks. Nifty Bank and Nifty Financial Services each ended 1.4 per cent lower. IT and realty stocks were also under pressure while auto, FMCG, media , metals and pharma counters provided support to the market.

The broader market, on the other hand, seemed unaffected by the downturn in the rest of the world markets. Nifty Midcap100 index ended 0.34 per cent higher while Nifty Smallcap100 advanced 0.6 per cent.

Amid the surge in US bond yields and the US dollar index, the Indian rupee ended at record closing low and tanked 99 paise to close at all-time low of 80.95.

“Indian stock market was able to sustain its resilience with limited cuts but if the rupee continues its weakness, the domestic market would turn less attractive for foreign investors in the short-term, affecting performance,” Vinod Nair, Head of Research at Geojit Financial Services, said.

Top gainers in Nifty include Titan, HUL, Asian Paints and Maruti Suzuki while PowerGrid, HDFC twins and Axis Bank were the top drags on the headline index.

In Nifty Bank, only PNB and Federal Bank managed to end in the green zone.

In sync with the overnight dip on Wall Street, Asian stocks also had a tough day. Japanese shares closed at their lowest in more than two months.

Analysts said, technically Nifty has formed lower top formation on daily and intraday charts and closed below the 20-day SMA (Simple Moving Average), indicating continuation of weakness in the near future.

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