Sensex falls 778 pts, Nifty slips below 15,400

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Major stock indices further extended losses in afternoon trade amid weak global signals. The prospect that the US Federal Reserve and other central banks will be forced to raise interest rates more aggressively has rekindled fears of a global recession. The Nifty slipped below the 15,400 mark. With the exception of the Nifty PSU banking index, all other NSE sector indices traded in the red.

As of 1:30 p.m. IST, the barometer index, the S&P BSE Sensex, was down 777.65 points or 1.48% at 51,754.42. The Nifty 50 index fell 244.50 points or 1.56% to 15,394.30.

In the broader market, the S&P BSE Mid-Cap Index lost 1.49% while the S&P BSE Small-Cap Index fell 1.12%.

The market width was negative. On the BSE, 1114 shares rose and 2096 shares fell. A total of 118 stocks remained unchanged.

UPL (down 6.18%), Hindalco Industries (down 5.81%), ONGC (down 5.61%), Tata Steel (down 4.29%) and JSW Steel (down down 4.26%) were Nifty’s biggest losers.

BPCL (up 1.33%), Hero Motocorp (up 0.84%) and Hindustan Unilever (up 0.10%) were the winners from Nifty.

Global signals:

Stocks in Europe and Asia fell on Wednesday as global market sentiment shifted to a more negative frame amid fears of soaring inflation and slowing economic growth.

In Europe, UK inflation hit a new 40-year high of 9.1% year-on-year in May as soaring food and energy prices continued to add to the cost crisis. of life in the country.

The Bank of Japan, after keeping interest rates ultra-low last week, released the minutes of its April monetary policy meeting on Wednesday. Many members felt that core inflation, as measured by the CPI excluding factors such as energy, remained relatively weak, according to the minutes. Most BOJ board members expect both short-term and long-term interest rates to remain at or below current levels, the minutes added.

Meanwhile, futures tied to the Dow Jones Industrial Average fell 485 points or 1.59%, while Nasdaq 100 futures fell about 1.99%.

In regular trading on Tuesday, the Dow Jones jumped 641 points, or 2.15%. The S&P 500 added 2.45%, posting its best day since May 4. The jump comes after the benchmark fell 5.79% last week in its worst weekly performance since March 2020.

Fed Chairman Jerome Powell will testify before Congress on Wednesday and Thursday. Its appearance comes after a recent rate hike of three-quarters of a percentage point, the central bank’s biggest increase since 1994.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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