Stock Market Drop For 3rd Day Owing To Negative Global Cues

Sensex and Nifty fell for the third straight day, ending roughly 1 percent lower on Thursday, as investors reduced their exposure to auto, banking, and financial stocks amid a lackluster trend in global markets.

Global markets sank as the US Federal Reserve indicated that it expects to boost interest rates again this year to combat inflation.

The 30-share BSE Sensex slid 570.60 points or 0.85 percent to 66,230.24. During the day, it fell 672.13 points or 1 percent to 66,128.71.

The Nifty lost 159.05 points or 0.80 percent to close at 19,742.35.

ICICI Bank fell 2.81 percent, followed by Mahindra & Mahindra, State Bank of India, UltraTech Cement, IndusInd Bank, Kotak Mahindra Bank, Tata Motors, Bajaj Finserv, Axis Bank and Power Grid.

Gainers included Tech Mahindra, Bharti Airtel, Infosys, Asian Paints, Hindustan Unilever, Larsen & Toubro, and Titan.

Seoul, Tokyo, Shanghai, and Hong Kong all ended in the red in Asian markets.

European markets were trading in the red.

On Wednesday, the US stock market closed in the red.

The US Federal Reserve left its key interest rate constant on Wednesday for the second time in three meetings, indicating that it is easing its anti-inflationary stance as price pressures have lessened. However, Fed officials have indicated that they intend to raise rates again this year.

Brent crude dipped 0.81 percent to USD 92.77 per barrel.

According to the exchange data, Foreign Institutional Investors (FIIs) sold securities worth Rs 3,110.69 crore on Wednesday.

On Wednesday, the BSE benchmark declined 796 points or 1.18 percent to 66,800.84. The NSE Nifty plunged 231.90 points or 1.15 percent to finish below the 20,000 mark at 19,901.40.

Also read: ITC Hotels Inks Management Arrangement For Welcomhotel Kalimpong