Indian benchmark indices continued their bearish trend for a second straight day. Both indices traded lower amid weak global cues. They lost nearly 1%. Sensex sheds 656 points to close at 60098.82, while Nifty slips from 18000 level. It lost nearly 175 points to close at 17938.40.
Nifty IT was the top losing sector with 2.1% fall, followed by Nifty FMCG and Nifty Financial Services with over 1% fall in each sector. On the other hand, Nifty PSU bank was the top gaining sector with 2.21% gains, followed by Nifty Media and Nifty Metals. Nifty Auto and Nifty Oil & Gas also did well.
ONGC tops the index with 3.9% gains, while Infosys stood at last place with 2.80% fall. Shree Cements, Asian paints, HUL, and Grasim witnessed over 2% fall in each of them.
The correction in equity markets is not limited to our markets. After Tuesday’s sell-off on Wall Street, Asian markets also corrected. Sony Stock fell 12%. On the other hand European markets also started on a shaky ground. Right now, both DAX, CAC, and FTSE are trading in green, while UK inflation rate soars to 30-year high.
Rising US bond yields along with record breaking crude prices are impacting equity markets globally. However, US futures seem to be on recovery mode.