Sensex, Nifty extend losses into 2nd day on rate hike fears
The Hindu
Sensex and Nifty buckled under selling pressure
Equity benchmarks Sensex and Nifty buckled under selling pressure for the second straight session on Friday as a bearish trend in global equities and concerns over rate hikes by central banks unnerved investors.
Besides, selling pressure in index majors Reliance Industries, Infosys and L&T also dragged the benchmark indices lower, traders said.
The 30-share BSE Sensex fell 259.52 points or 0.41% to settle at 62,979.37. During the day, it tumbled 364.77 points or 0.57% to 62,874.12.
The NSE Nifty declined 105.75 points or 0.56% to end at 18,665.50.
“Global central banks are currently focused on addressing inflation and have reiterated their commitment to reaching their target levels, as evidenced by the hawkish commentary from (U.S. Federal Reserve Chair Jerome) Powell and the unexpected rate hike by the Bank of England,” said Vinod Nair, Head of Research at Geojit Financial Services.
Tata Motors was the biggest loser in the Sensex pack, skidding 1.77%, followed by SBI, Power Grid, Tata Steel, Infosys, UltraTech Cement, Titan, Larsen & Toubro, Reliance Industries and Maruti.
Mobile phones are increasingly migrating to smaller chips that are more energy efficient and powerful supported by specialised Neural Processing Units (NPUs) to accelerate AI workloads directly on devices, said Anku Jain, India Managing Director for MediaTek, a Taiwanese fabless semiconductor firm that claims a 47% market share India’s smartphone chipset market.
In one more instance of a wholly owned subsidiary of a Chinese multinational company in India getting ‘Indianised’, Bharti Enterprises, a diversified business conglomerate with interests in telecom, real estate, financial services and food processing among others, and the local arm of private equity major Warburg Pincus have announced to collectively own a 49% stake in Haier India, a subsidiary of the Haier Group which is headquartered in Qingdao, Shandong, China.
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