Benchmark indexes saw strong selling pressure today; the SENSEX and NIFTY50 fell by about 1% and 1%, respectively, after reaching record highs earlier in the week. NIFTY50 is now trading below 22,600, while the SENSEX has dropped by around 650 points.
At 1:30 p.m., the SENSEX was down more than 600 points to 74,417, while the NIFTY50 was down 0.80% to 22,572. The markets were negatively impacted by sell-offs in major banks, including Kotak Bank (-0.9%), ICICI Bank (-1.1%), and HDFC Bank (-1.0%).
In addition, growing US bond yields and the price of crude oil—Brent Crude is now trading at around $91 per barrel—remain major worries.
Conclusion
Forty-three equities out of the NIFTY50 are trading in the red. Top gainers include Eicher Motors (+1.1%), Divi’s Lab (+0.7%), and Tata Motors (+0.7%), while top losers are Sun Pharma (-4.0%), Maruti (-2.3%), and Titan (-1.9%). Today’s trading saw a decrease in all sectors indexes, with the major losers being NIFTY Pharma (-1.4%), Bank (-0.74%), and Financial Services (-0.80%).
