Sensex Crashes Over 1,000 Points, Marking Three Straight Days Of Decline

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Stock Market India: Sensex sinks over 1,000 points

Equity benchmarks crashed on Friday to extend losses for the third straight session, as investors avoided risky investments driven by fears about global economic growth, underscoring the impact of the expected tighter monetary policy path by major central banks.

The BSE Sensex index slumped 1,020.80 points to end at 58,098.92, and the broader NSE Nifty plunged 302.45 points to 17,327.35.

As investors raced to keep up with the US Federal Reserve’s interest rate projection, Asian stocks limped toward a fourth weekly loss on Friday and bonds consecutively suffered significant losses.

“Because of the Fed’s move, a lot of money that were coming to emerging markets will head back,” Saurabh Jain, Assistant Vice-President for Research at SMC Global Securities, told Reuters.

According to data from Refinitiv Eikon, foreign investors bought net $819 million worth of Indian equities last week before net selling $152 million worth this week as of Thursday.

MSCI’s world stock index dropped approximately 12 per cent or so over the last month after Fed Chair Jerome Powell made it clear that bringing down inflation will hurt. On Friday, the index hit its lowest level since mid-2020.

For a second day, losses in companies ranging from natural resources and technology to bank stocks contributed to the sea of ​​red in European bourses.


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