Market closing bell: Nifty 50 ends below 19,750, Sensex falls over 550 points, investors lose nearly ₹3 lakh crore
Nifty 50 and Sensex end in the negative territory for the third consecutive session. Weak global cues continued weighing on domestic market sentiment. Major European markets, including France's CAC, Germany's DAX and the UK's FTSE fell up to a per cent ahead of the Bank of England interest rate decision.
Last night, the US Fed kept interest rates unchanged but signalled that it will go for one rate hike by the end of this year. It also indicated that rates will stay higher for a longer period which seems to have spooked markets. Read more: Mint Explainer: What the Fed’s ‘hawkish pause’ means for markets Also read: US Fed Meeting Highlights: At 5.25%-5.5%, FOMC holds rates unchanged at 22-year high-mark Following a hawkish Fed, the US dollar and Treasury yields rose, putting pressure on the stock market.
As per Reuters, the dollar hit its strongest since March. Nifty 50 opened at 19,840.55 against the previous close of 19,901.40 and fell by almost a per cent to hit the intraday low of 19,709.95. On the other hand, Sensex declined 672 points to hit its intraday low of 66,128.71 today.
Nifty 50 closed with a loss of 159 points, or 0.80 per cent, at 19,742.35 while the Sensex ended at 66,230.24, down 571 points, or 0.85 per cent. Mid and smallcaps underperformed the benchmarks as the BSE Midcap index fell 0.99 per cent and the Smallcap index ended with a loss of 0.98 per cent. The overall market capitalisation of the firms listed on BSE dropped to nearly ₹317.9 lakh crore from ₹320.5 lakh crore in the previous session, making investors poorer by about ₹2.6 lakh crore in a single day.
Read more on livemint.com
