Realty, Metal Stocks Pull Indian Share Market Down; Sensex Down 600 Points, Nifty Below 17,000

Share Market News: The stocks in the global markets have been falling in anticipation of a hawkish stance and rate hikes by the Federal Reserve, Sensex and Nifty both are in the red today.

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Sensex Today | New Delhi: Indian share market was in the grip of the bears on Monday and Foreign investors continued to be net sellers in the markets. As of 10 AM, Sensex was trading at 56,620, nearly 600 points in the red. Nifty, on the other hand, was trading below 17,000. Metal stocks and Realty stocks were the top losers.

Sensex Today

Tata Steel was the top loser, as of 10 AM in Sensex. It was trading at Rs 1,227, nearly 4 per cent in the red. Also, the shares of FMCG giant, Hindustan Unilever were trading nearly 3 per cent in the negative zone. Only 4 out of the 30 shares in the Sensex were in the green namely ICICI Bank, Maruti, Mahindra & Mahindra and Axis Bank. ICIC Bank was up 1 per cent at Rs 756.

Nifty Today

Nifty fell below 17,000 on Monday led by Metal and Realty stocks. Nifty Auto was the only index in the green. In realty stocks, Sunteck and Oberoi Realty were the top losers, both losing over 4 per cent. All the stocks in the index were trading in the negative zone.

In Metal stocks, Hindustan Zinc, NMDC, Jindal Steel, National Aluminium and SAIL were down over 4 per cent with Hindustan Zinc being the top loser.

Why are markets down?

According to a report by IANS, V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, “Markets are worried about the increasing hawkish messages from the Fed which indicate higher-than-expected rate hikes by the Fed this year. There are concerns that aggressive monetary tightening might even push the US economy into a recession in 2023. These fears are impacting risky assets.”

He also added, “India cannot be immune to a probable global market correction. But India is relatively resilient. Monetary tightening in India would be mild compared to that of the US.”

(With agency inputs)