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Despite the negative international signals, the domestic stock market indices, which started with gains in the morning, ended in losses for the fourth day in a row. Many Asian stocks also traded lower on concerns that a rapid rate hike to control inflation could push the economy into recession. IMF forecasts that a global recession is inevitable have upset investors. A weaker rupee and higher inflation in the US also dampened investors’ hopes. The only positive thing for the markets is that the oil prices are trading below 100 dollars. The news that the demand for oil will decrease in the background of economic recession is disturbing. The rupee was trading at a record high of Rs 79.88 against the dollar by the close of trade. Selling continued in shares of almost all sectors. Oil and gas, banking and IT shares lost amid weaker trends in European markets.
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The Sensex lost 98 points at 53416 and the Nifty lost 28 points to settle flat at 15938. Mid and small cap stocks ended weak. However, Nifty Pharma rose by 0.78 percent and Nifty Auto by 0.13 percent. Shares of Sunpharma, Dr Reddy’s, Maruti, Kotak Mahindra Bank, Titan, Reliance, Nestle India, PowerGrid, Tata Steel and IndusInd Bank were among the gainers in the Sensex index. Axis Bank, HCL Tech, Tech Mahindra, Ultratech Cements, TCS, SBI, Wipro, ITC, Infosys, Bajaj Finance, HDFC Bank and Bajaj Finserv were among the top losers.
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