Globally risk aversion and volatility gripped markets after the US Federal Reserve hiked interest rate
Domestic benchmark indices BSE Sensex and Nifty 50 tumbled over 1 per cent on 6 May, Friday. While Sensex shed 866 points or 1.56 per cent to close at 54,835, Nifty 50 ended 271 points lower at 16,411.25.
Globally risk aversion and volatility gripped markets after the US Federal Reserve’s interest rate hike. US futures dropped, signalling extended losses. Stocks fell as investors remain worried that the rate hike might not be enough to curb inflation. Asian markets experienced a decline as well.
In the domestic market, metal and realty sector indices suffered a loss of over 3 per cent, while IT fell over 2 per cent. India VIX rose to 21.25 levels.
Bombay Stock Exchange (BSE):
BSE Sensex fell 1.56 per cent or 866.65 points to 54,835.58. The top gainers for the day were Tech Mahindra, Power Grid, ITC, SBI, NTPC and Sun Pharma. The top laggards were Bajaj Finance, Axis Bank, Bajaj Financial Services, Nestle India, HDFC and Wipro.
Top 5 BSE gainers:
- Tech Mahindra: The value of the company rose 2.21 per cent to Rs 1,291.50.
- Power Grid: The shares closed the day at Rs 238.25, up by 1.88 per cent.
- ITC: The stock gained 1.83 per cent to Rs 266.75.
- SBI: The stock jumped 0.92 per cent to Rs 484.35.
- NTPC: The shares inched up 0.60 per cent to Rs 159.05 at the end of the day.
Top 5 BSE losers:
- Bajaj Finance: The stock fell to Rs 6,000.95, down by 4.91 per cent.
- Axis Bank: The shares plummeted to Rs 673.20, down by 4.11 per cent.
- Bajaj Financial Service: The value of the company declined 3.49 per cent to Rs 13,643.50.
- Nestle India: The value of the company fell 3.34 per cent to Rs 17,011.00.
- Wipro: The shares dipped 3.12 per cent to Rs 485.40.
National Stock Exchange (NSE):
NSE Nifty 50 shed 271.40 points to end 1.63 per cent lower at 16,411.25. While Hero Moto Corp, Tech Mahindra, Power Grid, ITC and ONGC were the top Nifty gainers, the biggest losers included Bajaj Finance, Divi’s Laboratories, Shree cement, UPL and Axis Bank. Bank Nifty tumbled over 1.8 per cent to 34,591.20.
Top 5 NSE gainers:
- Hero Moto Corp: The stock traded 2.73 per cent higher on the bourses at Rs 2,570.00.
- Tech Mahindra: The stock surged 2.66 per cent to end the day at Rs 1,296.95.
- Power Grid: The value of the company jumped to Rs 238.65, up by 2.10 per cent.
- ITC: The stock gained to Rs 265.65, up by 1.37 per cent.
- ONGC: The shares rose 1.27 per cent to Rs 166.95.
Top 5 NSE losers:
- Bajaj Finance: The value of the stock declined 4.85 per cent, falling to Rs 6,003.40.
- Divi’s Laboratories: The shares crashed 4.62 per cent to Rs 4,163.95.
- Shree Cement: The shares fell to Rs 23,951.00, down by 4.53 per cent.
- UPL Limited: The shares settled 4.32 per cent lower at Rs 787.70.
- Axis Bank: The stock plummeted 4.04 per cent to Rs 673.95.