Last Updated: March 10, 2023, 15:56 IST
Sensex Today: The market continued to witness a sell-off on March 10 because the fairness benchmarks misplaced one other 1 p.c within the second consecutive session amid rising concern over an aggressive fee hike by the US Fed going forward. The S&P BSE Sensex crashed 671 factors, or 1.12 per cent, to shut at 59,135. The Nifty50, in the meantime, gave up the 17,450-mark to finish at 17,413, falling 177 factors or 1 per cent. These indices hit intra-day lows of 58,885, and 17,324, respectively.
Financial shares had been the worst hit at this time, amid close to broad-based promoting, with HDFC Bank (down 2.6 per cent), HDFC, SBI, IndusInd Bank, Bajaj Finserv, Axis Bank, ICICI Bank, Kotak Bank, and Bajaj Finance that includes among the many high 15 laggards on the Sensex. Index-wise, the Nifty PSU Bank index declined 2.2 per cent, whereas the Nifty Bank and Private Bank indices fell 1.8 per cent every.
Other large-cap laggards had been RIL, L&T, M&M, and Asian Paints, down as much as 1.5 per cent.
In the broader markets, the BSE MidCap and SmallCap indices dropped lower than 1 per cent every.
Dr. V Ok Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated: “The sell-off in US markets yesterday was triggered by a crash of 60 per cent in SVB Financials- a financial institution that primarily funds begin ups. This impacted sentiments and banking shares took a beating on issues that rising rates of interest would possibly set off mortgage compensation defaults. This is a US-specific subject and won’t have an effect on Indian banking shares. But the sentiment impression could be damaging. Today’s US jobs report might be essential in influencing the Fed’s coverage response and the market course. If the roles information present declining jobs progress, the Fed won’t be as aggressive because the market fears and fairness markets will stay resilient. So buyers could await this near-term uncertainty to go. However, sharp corrections, notably in banks, could also be used to purchase the main names in non-public sector banks.”
Global Cues
Globally, investors will watch out key payroll data on Friday that could shape interest rate trajectory. Overnight, the US markets were hammered, with Dow Jones, NASDAQ Composite, and the S&P 500 indices declining up to 2 per cent.
The Wall Street sell-off spread to markets in Asia-Pacific too this morning, as Nikkei 225, Topix, the S&P 200 indices lost over 1 per cent each.
In the commodities market, prices of Brent Crude and WTI Crude were flat after a two-day decline at $81 per barrel, and $75 per barrel, respectively.
Read all of the Latest Business News right here
