Sensex falls more than 350 points on weak global clues, convenient trade below 17 150

Sensex and Nifty staged a gap-down opening on Thursday.

New Delhi:

Indian stock benchmarks traded lower on Thursday in opening trades, which took clues from world markets. Asian stocks fell as investors weighed in on the latest developments in the Ukraine war and more false comments from US Federal Reserve officials. Rising crude oil prices – above $ 122 a barrel – have also kept investors in the forefront.

Russian President Vladimir Putin has said Moscow plans to convert gas sales made to “unfriendly” countries into rubles, causing European gas prices to skyrocket due to concerns the move would exacerbate the region’s energy crisis.

U.S. Federal Reserve policymakers have indicated more aggressive action to bring down unacceptably high inflation.

At home, the 30-share BSE Sensex fell 360 points or 0.65 percent to 57,325, while the broader NSE Nifty declined 107 points or 0.62 percent to 17,139 in early trading.

Medium and small-cap stocks traded on a positive note as the Nifty Midcap 100 index rose 0.54 percent and small-cap stocks rose 0.18 percent.

Seven of the 15 sector meters – compiled by the National Stock Exchange – traded in the red. Nifty Bank and Nifty Financial Services underperformed the index by falling as much as 1.30 percent and 1.18 percent, respectively. However, Nifty Metal and Nifty IT jumped 1.19 percent and 0.45 percent, respectively.

On the stock-specific front, Kotak Mahindra Bank was the top Nifty loser as the stock cracked 3.42 percent to Rs 1,709.20. Titan, HDFC Bank, ICICI Bank and Bajaj Finance were also among those left behind.

However, the overall market breadth stood strong as 1,541 stocks advanced while 1,084 fell on BSE.

On the 30-share BSE index, Kotak Bank, Titan, ICICI Bank, HDFC Twins (HDFC and HDFC Bank), Bajaj Finance and IndusInd Bank were among the biggest losers.

In contrast, Dr Reddy’s, ITC, TCS, Tata Steel and UltraTech Cement traded in the green.

Sensex fell 304 points or 0.53 percent on Wednesday to close at 57,685, while Nifty moved 70 points or 0.40 percent lower to close at 17,246.

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