Investors poorer by Rs 5 trillion as Sensex tanks 1,021 points; Nifty near 17,300
Investors became poorer by Rs 4.83 trillion on Friday as equity markets went into a tailspin amid fears of a global recession. The benchmark S&P BSE Sensex crashed 1,021 points, or 1.73 per cent, to close at 58,099 today, while the Nifty50 broke below 17,350 levels to end at 17,327, down 302 points or 1.72 per cent. With this, the indices have yet again turned negative for the calendar year 2022.
During the day, the Sensex had tumbled over 1,100 points, and the Nifty50 had erased nearly 350 points as they hit their respective lows of 57,982, and 17,292.
In the broader markets, the BSE MidCap and SmallCap indices underperformed the frontline indices as they declined between 2 per cent and 2.3 per cent. Overall, there were three sellers for every one buyer on Dalal Street as over 2,472 stocks fell on the BSE as against 1,000 gainers.
Sectorally, the Nifty PSU Bank index plunged 4 per cent, while the Niftyy Bank, Private Bank, and Realty indices fell 2.6 per cent each.
The Nifty IT index fell just 0.7 per cent on the NSE today after analysts said Accenture’s Q4FY22 results showed better outsourcing revenue for larger Indian IT stocks.
Shares of Tata group were in spotlight on Friday after the multinational steel-major Tata Steel announced merging all its group metal companies with itself.
Shares of Dish TV India hit an over 11-month high of Rs 22.30 on Friday as the stock rallied 10 per cent on the BSE in a weak market. In the past one week, the stock has soared 46 per cent after Jawahar Lal Goel tendered his resignation from the company’s board.
Shares of Ambar Protein Industries continued at their northward journey as they were locked in the 5-per cent upper circuit band at Rs 730 on the BSE on Friday. The shares traded at their all time level and have frozen at the upper circuit for 58th straight consecutive day.
Schneider Electric shares hit over 6-year high as the price surged 12% in a weak market. With a number of reforms being introduced in the Power & Grid sector, the company expects it to remain resilient.
Shares of M&M Financial tanked 14% as RBI barred third-party services for loan recovery. In a circular, the RBI said that the non-banking finance company may continue to carry out recovery or repossession activities, through its own employees.
Here are some picks from the week gone by.
