Sensex Falls 250 pts, Nifty50 Below 17,600; Tata Steel Top Gainer

Sensex Today: The benchmark Sensex and Nifty indices started lower on Friday amid feeble global cues and weak domestic sentiment due to a sharp fall in the rupee.

Key indices Nifty50 dropped over 50 points to trade below 17,600 levels and the S&P BSE Sensex declined over 250 points to trade at 58,867 levels.

The subdued risk appetite was witnessed in broader markets too, as Nifty SmallCap 100 and Nifty MidCap 100 indices slumped over 0.2 per cent.

All sectors traded on a volatile note. While Nifty Media, Nifty Pharma, Nifty Metal indices opened with marginal gains; Nifty Bank, Nifty Realty, Nifty Energy indices slipped the most – nearly 1 per cent.

Tata Steel, HUL, Titan, ITC, Sun Pharma, attempted to to trim losses for the benchmark indices. However, Tech Mahindra, HDFC Twins, IndusInd Bank, Axis Bank, NTPC contributed to the sharp cuts.

Global Cues

Australian shares hit a more than two-month low on Friday, as investors returning to trading after a one-day holiday exited riskier assets, following the US Federal Reserve reiterating its hawkish monetary policy outlook to fight searing inflation.

Major Wall Street indexes ended lower on Thursday, falling for a third straight session as investors reacted to the Federal Reserve’s latest aggressive move to rein in inflation by selling growth stocks, including technology companies.

Oil prices rose in early Asian trade on Friday on the prospect that a stalled Iran nuclear agreement and Moscow’s new mobilization campaign in its invasion of Ukraine would further restrict global supplies.

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