Sensex, Nifty 50 continue to fall; Dr Reddy’s, HDFC Bank, Titan, Biggest Loser IT Companies

  • Indian stock markets opened on a negative note following weakness in global market indices.
  • It comes after the US Fed said it would likely raise interest rates in March to control high inflation.
  • The US central bank also reaffirmed its intention to end its bond purchases.

Stock markets around the world and in India have been falling steadily since last week on expectations that the US Fed would raise interest rates sooner than expected.

On Wednesday, the US Fed confirmed that it would likely raise interest rates in March and reaffirmed its intention to end its bond purchases that month to keep inflation under control. The decision to raise interest rates comes as inflation rises amid a tight US labor market.

As a result, the 10-year US Treasury yield remains at its highest level in two years at 1.85%.

The development has sparked stock markets and the sell off is huge.

Companies % change on January 27, 9:30 a.m.
Tata Steel -4%
Titan -4%
Eicher engines -2.81%
Dr. Reddy’s Laboratories -2.77%
Grasim Industries -2.71%
Wipro -2.70%
HCL Technologies -2.47%
HDFC Bank -2.35%
HDFC -2.26%
Bajaj Finserv -2.22%
Tech Mahindra -1.87%

The sale is worse on the other Asian markets which fell by more than 3% on January 27.

Asian indices % change on January 27
Australia ASX All Ordinary -2.23%
Shanghai SE Composite Index (China) -0.88%
Hang Seng (Hong Kong) -2.62%
Sensex (India) -1.80%
Nikkei 225 (Japan) -3.24%

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