Today in India, Sensex sheds 700 points and Nifty below 17,400.
Ajit Mishra, VP – Research, Religare Broking posted in Moneycontrol.com as Markets plunged sharply lower and lost nearly 3%, pressurised by weak global cues. The continuous fall in the US markets was weighing on the sentiment which further deteriorated amid the mixed indications from the domestic front. Consequently, the Nifty index ended lower by 3% at 17,149 levels. Selling pressure was widespread and both broader indices lost over 4% each. Amongst the sectors, all the indices ended in red wherein realty, metal and consumer durables were the top losers.
Vinod Nair, Head of Research at Geojit Financial Services posted in Moneycontrol as below
Sell off in global markets, weak Q3 results and pre-budget nervousness triggered heavy sell-off in the domestic bourses as risk sentiment took a blow ahead of the FOMC meeting starting tomorrow.
Investors are keenly awaiting the result of the two-day Fed meeting where the US Central Bank is expected to provide more guidance on its rate hike plans.
While all sectors hit rough weather, stocks of the new age tech companies were the most affected due to drop in growth of profitability amid expensive valuations.