Live: Nifty slips below 22,900-mark after April 7; PSU bank stocks battered | Closing Bell
The Nifty breaks below 22,900 for the first time since April 7, falling nearly 300 points or over 1%, while the Sensex slips more than 1,050 points. Broader markets remain weak, with small- and midcap indices down around 1% each, while market breadth worsens and the VIX jumps over 12%. All sectors plunge into the red, although the IT index recovers from the day’s low to eke out marginal gains. PSU banking stocks are rattled by rate hike concerns, while gold finance and metal stocks also slip amid worries over higher interest rates. NSE shares fall below the IPO’s upper price band, while Allied Blenders and Borosil stocks buck the broader trend. As many as 48 Nifty stocks are in the red, with only two in the green; Dr Reddy’s and Infosys are the top gainers, while Adani Enterprises, Jio Financial Services and Bajaj Auto are the top losers. Brent crude tops $107 a barrel after Trump rejects Iran’s proposal, while Trump tells aides he expects US strikes to resume after the November mid-term elections. Asian markets trade weak, with the Nikkei and Kospi slipping 0.7%-3%, while US futures decline, with Dow futures down 0.3%. European stocks are broadly higher, led by a surge in UK housebuilding stocks, with the FTSE gaining.
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