Sensex falls 200 points, gives up 65,000 on Fed hike, China economic woes
The BSE Sensex was trading 238 points or 0.37% lower at 64,912. Nifty50 was trading at 19,292, down 73 points or 0.38% at around 9.18 am. From the Sensex pack, HCL Tech, TCS, Wipro, Tech Mahindra, and Infosys opened with cuts, whereas only NTPC, L&T, Bharti Airtel, and Sun Pharma opened with gains.
Among individual stocks, GMM Pfaudler opened 11% lower amid a large block deal. Meanwhile, shares of Aptus Value Finance surged 3% as 10 lakh equity shares traded via block deal. In the broader market, Nifty Midcap 100 rose 0.11%, and Nifty Smallcap 100 gained 0.17%.
Sector-wise, Nifty IT plunged 0.95%, and Nifty Realty declined 0.39%. Whereas, PSU bank, auto, media, pharma, consumer durables and healthcare sectors opened with gains.Experts View«Globally stock markets have declined this month. There are no immediate triggers that can lead to sharp rebound in the market,» V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.
«Further weakness in the market will make valuations reasonable. Long-term investors can utilise market corrections to buy high-quality stocks in growth sectors like capital goods, banking, automobiles and construction,» Vijayakumar said. Deepak Jasani, Head of Retail Research at HDFC Securities, said, «A downward breakout of 19,300 seems more likely at this point though the follow through move may not be large.
On rises, 19,483 could offer resistance.»Global MarketUS equities fell on fears of prolonged high interest rates after the minutes of Federal Reserve's latest policy meeting, released earlier this week, indicated a divided view among central bank members on further rate hikes. Additionally, data signaling tightness in labour markets added to rate concerns as well. Asian
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