February 22, 2023

Stock Market crashes: Sensex below 60,000, Nifty falls down by 209.90 points

Stock Market crashes: Sensex below 60,000, Nifty falls down by 209.90 points | File/ Representative Image

Benchmark indices on Wednesday extended the losses at the trading day’s low, with the Nifty down by 209.90 points at 17,616.80 and the Sensex down by 687.34 points at 59.985.38.

In the trading session by 1 pm 769 shares had advanced, 2,415 shares had declined, and 94 shares remained unchanged. The top gainers included Coal India, Tata Steel, Hindalco, Apollo Hospital, and Britannia. Whereas Tech Mahindra, Infosys, Mahindra and Mahindra, Wipro and HCL Tech were among the losers.

Nifty Bank and IT in negative

Bank Nifty was also in the red with a 1.17 per cent fall to 40,199.40, whereas Nifty IT was at 30,728.60, down by 0.71 per cent.

Why did the stock markets go down?

This fall in the domestic equity indices is due to the fear of further US Federal Reserve rate hikes.

The US equity market in the overnight session was also lower, which has directly impacted the domestic market. The Dow Jones Industrial went down 294.97 points to 11,492.30, whereas the S&P 500 sank 81.75 points to 3,997.34. This fall was after economic data indicated that the disinflation is slow and the Fed is expected to raise rates for a longer period than was earlier expected.

RBI MPC and FOMC minutes

To add to this, investors are also eyeing the RBI MPC and FOMC minutes that are expected to be released today.

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