New Delhi : Indian equity markets plunged on Friday, December 13, as a confluence of global factors dampened investor sentiment (Market Meltdown). The benchmark Sensex plummeted over 1,000 points, while the Nifty50 index also suffered significant losses.
Key Factors Driving the Market Down:
Global Market Weakness:
– A strong dollar and rising US Treasury yields weighed on global markets.
– Weak performance in Asian markets, especially China and Japan, further impacted sentiment.
– The US Federal Reserve’s monetary policy stance and its potential impact on global economic growth remain key concerns.
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Domestic Concerns:
A lack of strong domestic triggers and persistent inflationary pressures added to the bearish sentiment.
Rising input costs, particularly for the metal sector, led to concerns about corporate profitability.
Sectoral Performance:
Metal Stocks Bear the Brunt: Metal stocks were the worst performers, with the Nifty Metal index declining over 2%. Rising input costs and weak global demand for commodities contributed to the sector’s decline.
Other Sectors Under Pressure: Most other sectors, including banking, finance, and auto, also witnessed significant selling pressure.
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Stocks in Focus:
CRISIL: Shares of CRISIL rose nearly 2% after the company announced an investment in Online PSB Loans.
Tata Motors: Shares of Tata Motors declined over half a percent as the company announced a price hike for its trucks and buses.
As the market continues to grapple with global uncertainties and domestic challenges, investors are advised to exercise caution and adopt a prudent approach. (Market Meltdown)
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