Nifty closes below 17800, Sensex sheds 634 points; IT, Pharma, and FMCG Sectors down more than 1%

Indian markets have corrected for a third straight day. Both indices lost more than 1% points in today’s trade. Sensex sheds 634 points to close at 59464.62 points, while Nifty ends below 17800. It sheds 181 points to close at 17757.

IT, Pharma, and FMCG sectors were worst hit sectors as heavyweights like Infosys, TCS, Divi’s Labs, HUL, etc. dragged their respective indices. These 3 sectors were down with more than 1% fall. Except for Realty and Metals all other indices were in red.

Bajaj Finserv was the top loser on Nifty 50 with 4.53% fall, followed by Bajaj auto (-3.73%), Divis Labs (-3.39%), Infosys (-2.32%), and TCS (-2.25%). Power Grid was the top gainer (4.89%), followed by Bharti Airtel (1.66%), Grasim (1.36%), and JSW Steel (1.16%).

Nifty stocks like Bajaj Finserv and Asian Paints have declared their Q3 results. But both of them have missed the estimates. Not only these two, stocks from broader markets like PCBL, Datamatics Global, Orient Electric, Hatsun Agro, and Century Textiles have also posted poor results.

It seems like the ongoing concerns over rising inflation rates across the globe and the possible Fed rate hike impacted our market to fall for the third consecutive day. 

On the other hand, rising bond yields are making foreign investors to divest funds from expensive equity markets like India. It is obvious from the selling spree of FIIs in past few days. To add more worries to this, the recent earnings also failed to cheer the market. The present correction is a cumulative effect of these factors.