On Tuesday, the Sensex opened at 60,770.34, up nearly 80 points from the previous close of 60,691.54.
In the last 4 trading sessions, the Sensex has lost over 1,500 points, causing investors to lose around Rs 7 lakh crore.
Market Crash Today: Sensex, smelly Global equities dropped for a fourth session on Wednesday to hit a two-week low tracking losses. Sensex plunged over 900 points during the session, while Nifty gave up its support at 17,600 level. So far this year, both the Sensex and the Nifty have declined by around 1.46 per cent and 2.71 per cent.
In global markets, the S&P 500 and Dow Jones declined 2 percent each, while the Asia Nikkei fell 1.4 percent and the Hang Seng 0.3 percent.
Today’s loss in market capitalization was Rs 3.8 lakh crore as the market value of all listed companies on BSE declined to Rs 261.4 lakh crore. In the last 4 trading sessions, the Sensex has lost over 1,500 points, causing investors to lose around Rs 7 lakh crore.
gloom in global markets
Wall Street on Tuesday reported its worst day ever in 2023. The S&P 500 fell 2 percent, its steepest decline since the market selloff in December. The Dow Jones Industrial Average plunged 697 points, or 2.1 percent, while the Nasdaq Composite sank 2.5 percent.
Other Asian shares also remained under pressure today. Japan’s Nikkei closed at a one-month low, down 1.34 per cent.
fed minute
Global markets are on edge as investors prepare themselves for the minutes of the Federal Reserve meeting to be released on February 22. Worries that the proceedings will remain entirely evasive to US policymakers weighed on market sentiment. How many members saw the case for a bigger hike at the January 31-February 1 meeting, and whether they anticipated the need to raise interest rates higher than earlier to tackle inflation, are expected to be revealed in the minutes. This comes on the back of a more recent than expected rebound in the US producer price index in January, leading to talk about the need for further hikes in interest rates in the coming months. Investors are closely monitoring the Fed’s stance on interest rates and inflation, as it could have important implications for the global economy.
RBI Minutes
Reserve Bank of India It is set to release the minutes of its February rate-setting panel meeting later on February 22 and investors are keeping a close eye on them for signs on the trajectory of rate hikes. The minutes will provide insight into the RBI’s decision-making process and may indicate whether there will be any further rate hikes in the near future. Additionally, investors will watch RBI Deputy Governor Mishal Patra’s speech at the 1st G20 Finance Ministers and Central Bank Governors meeting and the 2nd G20 Finance and Central Bank Deputies meeting for any clues on a possible rate hike.
nifty technical factors
The important support area of Nifty was seen at 17,800 level, and once it was breached, it started a fresh round of profit booking with the next major support seen near the important 17,350 level of 200-DMA area.
“The entire month of February has been in a consolidation phase and very soon the prices may break these shackles. Traders are waiting for some triggers, and with important events happening on the global front, markets are likely to overreact to global cues,” said Samit Chavan, Chief Analyst-Technical & Derivatives, Angel One.
FII selling
Foreign investors have been offloading Indian equities since the beginning of the year, with sales totaling about $3.37 billion so far. In 2022, they liquidate Indian equities worth around $17.21 billion. However, there are indications that this trend may reverse, as foreign investors started buying Indian equities last week. Some analysts believe this renewed interest in local equities is due to the attractive valuations on offer. Despite concerns about the Adani Group and rising inflation, the Indian stock market remains attractive to foreign investors. Recent buying activity by foreign investors shows that they are optimistic about the prospects of Indian equities in the coming months. Nevertheless, the Indian economy still faces challenges, and it remains to be seen whether the recent boom in foreign investment will be sustained over the long term.
december quarter earnings
India Inc’s profitability slipped in the third quarter of FY23, with corporate earnings falling short of analysts’ expectations. The underperformance was driven by the commodities sector, while financials and autos performed relatively well. The slowdown in consumption was broad-based, affecting both staples and discretionary spending, and also had a negative impact on corporate earnings. However, analysts remain optimistic with hopes that a good rabi harvest and declining CPI inflation will gradually boost demand for the staple. A research report by Motilal Oswal indicated that 57 percent of the companies in their universe either met or exceeded profit expectations, suggesting a good spread of earnings across sectors.
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