Sensex cracks 1000-pts, Nifty below 17,350, check stocks here
Sensex cracks 1000-pts, Nifty below 17,350, check stocks here

MARKET CLOSING UPDATES: The Sensex and Nifty fell more than 1.7 percent in the week ended Friday due to unfavourable global market conditions brought on by central banks' combined pressure on monetary policies. 

Stock markets from New York to Mumbai are being affected by a range of concerns, including the deteriorating geopolitical situation in Europe, the unrelenting ascent of the US dollar, and persistently high inflation rates in industrialised economies.

The BSE Sensex dropped 1020 points or 1.73 percent during the day to conclude at 58,099 levels, and the wider Nifty50 index closed just above 17,327 levels, down 302 points or 1.72 percent from previous closing levels.

The only Nifty component companies to close the trading session with gains were Divis Labs, Sun Pharma, Cipla, Tata Steel, and ITC. PowerGrid, Hindalco, Apollo Hospitals, Adani Ports, and NTPC led the 50-stock benchmark's declines.
"After the US Fed maintained its hawkish tone and boosted interest rates by 75 points, the world's equity markets came under pressure. The yield on US 10-year Treasuries increased and is currently at 3.7 percent. Concerning global issues continue to be the recession, energy prices, central bank rate increases, and inflation.

The US Federal Reserve has continued to tighten monetary policy, boosting interest rates by more than 225 basis points to curb inflation in the largest economy in the world. This is what is responsible for the dollar's increase.

The Indian Rupee has lost 8.5 percent of its value against the US dollar so far this year, falling to an all-time low of 81.24 on Friday. As a result of the Fed's ongoing actions, US bond rates have increased by 16 percent thus far. Interest rates in the US are expected to reach their top at 4.6 percent next year, according to estimates made by the Fed itself. USD-INR dropped 13 paise from its previous finish of 80.66 to conclude at 80.99.

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