Thomas BabychanMajor indices on the Indian stock market, Sensex and Nifty 50 declined on Friday after posting gains for 8 straight sessions.
The high possibility of deceleration in GDP growth of the Chinese economy and several remarks by officials at the Federal Reserve on hiking interest rates pushed the markets down all around the globe.
Renowned financial services institutions, Goldman Sachs and Nomura released their latest forecasts for the GDP growth of china which shows signs of slower growth in the second-largest economy in the world.
Statements made by James Bullard and Esther George, both members of the Federal Open Market Committee (FOMC) of the US Federal Reserve, made the markets dull and suspicious about the future. According to James Bullard and Esther George, they will need to continue increasing the benchmark interest rates in the US economy until the inflation level is below 2%, which is the target set by Federal Reserve.
Sensex
S&P BSE SENSEX of the Bombay stock exchange witnessed a decline of 651.85 points (-1.08%) on Friday as negative sentiments in global markets affected Indian stocks. The Sensex which opened at 60,351.23 went as high as 60,411.20 before tumbling down to the 59600 level. The previous close of the index was at 60,298.00. Even on Wednesday, the index closed above the 60k mark.
Top gainers on Sensex were Larsen and Toubro, Infosys and Tata consultancy Services.
The top losers on Friday were Indus Ind Bank, Bajaj Finserve, Bajaj Finance, Tata Steel, State Bank of India and NTPC.
All banking stocks including Axis Bank, HDFC Bank, Kotak Mahindra Bank and ICICI Bank declined on Friday.
Out of 30 stocks traded on the index, only 3 stock were able to post any kinds of gains. All other 27 stocks tumbled down in the effect of negative global sentiments.
The top gainer on the Bombay stock exchange was Mercury Metals Limited. Baroda Extrusion Limited ended up being the top loser on the exchange.
Nifty 50
The Benchmark index of the national stock exchange, Nifty 50, declined by 198.05 points (-1.10 %) on Thursday and went below the 17800 mark to close the market at the last trade price of 17,758.45.
Top gainers on Nifty 50 today were Adani Ports, Larsen and Toubro, Infosys, Bajaj Auto and Tata consultancy services.
The top losers on Thursday were Indus Ind Bank, Bajaj Finserve, Apollo hospital, Tata Motors, Tata Consumer Products Limited and Hindalco.
Out of 50 stocks traded on the Nifty 50, only 6 stocks were able to make gains on Thursday. The rest of the 44 stocks tumbled down on the last day of trading this week.