The Sensex fell nearly 400 points in early trade amid weak global markets.

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Representational image only. | Photo credit: PTI

In early trade on February 17, the benchmark index was dragged down by IT counters amid overall weaker global market trends. The BSE Sensex fell 397.67 points to 60,921.84 points. The NSE Nifty fell 108.4 points to 17,927.45 points.

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Nestle, Indus Bank, Tech Mahindra, Wipro, HCL Technologies, Infosys, Tata Consultancy Services, HDFC and HDFC Bank were the laggards in the Sensex pack.

Ultratech Cement, Larsen & Toubro, Tata Steel, Asian Paints and Reliance were among the gainers. In the Asian markets, Japan, South Korea, Hong Kong and China showed bearish trend. US markets closed sharply lower on February 16.

“There is a clear pattern of mother market trends, the US whenever there is positive news such as falling inflation, equity markets rise on expectations of a Fed pause and a possible rate cut by the end of 2023.”

“Conversely, whenever data points to a strong U.S. economy, a tight labor market and a very slow contraction, equity markets tend to fall on expectations that the Fed will remain dovish. Time will continue until it becomes clear where the economy is headed,” said. VK Vijay Kumar, Chief Investment Strategist, Geojit Financial Services.

The BSE benchmark settled a marginal gain of 44.42 points, or 0.07%, at 61,319.51 points on Thursday. The Nifty ended up 20 points or 0.11 percent at 18,035.85 points. International oil benchmark Brent crude was down 0.78 percent at $84.48 a barrel.

Foreign portfolio investors (FPIs) were net buyers as they bought shares worth ₹1,570.62 crore on Thursday, according to exchange data.

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