• 15/08/2022 9:41 pm

#Sensex falls 433 points, #Nifty below 11,200: mictimTop 4 factors behind the fall

NEW DELHI: Domestic equity indices crumbled under pressure of worse-than-expected Chinese macro data and falling European markets and tanked in the afternoon trade on Friday.

Bank, auto and financial services stocks came under heavy onslaught from bears, who took equity indices in the red for the third day on a trot. Select metal and pharma names saw some buying.

The 30-share pack Sensex plunged about 900 points during the day from its highs, and closed down 433 points at 37,877 while its NSE peer Nifty fell 122 points to 11,178.

“During the month we have been suggesting consolidation in the market. Q1 earnings season started with weak expectations but results were better and commentary was positive. So large caps did really well. NOw this is so much factored in the prices that the valuations are at historical high and sustaining that is difficult. There is no incentive to put money in index heavyweights,” said Vinod Nair of Geojit Financials.

Here are key factors affecting the market:
China macro data disappoints
China’s July retail sales unexpectedly fell and factory output missed estimates, dampening investor sentiment that stemmed from upbeat recent data from the country that was the first to emerge from lockdowns.

No clarity on stimulus
The market which was pricing in the second stimulus package in the US has been hurt by uncertainty over it. The two major parties who have a majority in each of the two houses of the US Congress have not reached an agreement delaying the much needed stimulus.

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