Markets Continue To Decline; Sensex Drops 671 Points & Nifty Closes At 17,412

Stock markets ended in red

On 10 March 2023, the markets continued to experience a sell-off as equity indices fell another 1% for the second straight session amid mounting worries that the US Fed may soon raise interest rates aggressively.

The Sensex was down 671.15 points, or 1.12 percent, at 59,135.13 at the time of closing, while the Nifty was down 176.70 points, or 1.0%, at 17,412.90. The BSE midcap and smallcap indices both fell 0.5 percent.

The Indian rupee closed marginally lower at 82.05 per dollar, compared to the previous close of 81.98.

Also read: Sensex Loses 542 Points & Ends Its Three-Day Winning Streak

Given weak global cues, the market opened gap-down and extended losses as the day progressed, with selling seen across all sectors except power.

Spot gold was up 0.1% to USD 1,832.24 per ounce. Gold futures in the United States rose 0.1% to USD 1,836.20. In line with strong international trends, the price of gold increased by Rs 395 to Rs 55,540 per 10 kilos in the national capital on Friday. Nonetheless, the price of silver per kilogram fell from Rs 115 to Rs 62,095.

Asian markets fell after the sharpest drop in US equities in two weeks, as a rout in bank shares gained traction.

Foreign investors in Indian equities sold off their holdings on Thursday, capping a four-day buying streak.

Foreign portfolio investors sold stocks worth Rs 561.8 crore, while domestic institutional investors became net buyers after a day and purchased stocks worth Rs 42.4 crore.

Also read: Tata Technologies Submits IPO Paperwork To SEBI

Spriha Rai