Stock markets were back on the downtrend after a two-day hiatus, as lack of triggers erased momentum. At Close, the Sensex was down 709.54 points or 1.35 per cent at 51,822.53, and the Nifty was down 225.50 points or 1.44 per cent at 15,413.30.
Top Gainers & Losers
Among stocks, Jain Irrigation Systems surged over 12 per cent after the company announced plans to merge its international irrigation business (worth Rs 4200 crores) with Rivulis Pte Ltd, which is a part of Singapore’s Temasek Group, to create a global irrigation and climate major and reduce the company’s debt.
Vinod Nair, Head of Research at Geojit Financial Services, said: “The short-lived pull-back rally displays the level of uncertainty in today’s market. The weakness of the global market due to quantitative tightening pulled the market down. The US Fed Chair’s testimony later in the day will be keenly watched for clues about the central banks’ future dot-plot”
Global Cues
European stocks fell sharply on Wednesday, with the pan-European Stoxx 600 dropping 1.6 per cent in early trade. On Wall Street, Dow Jones Futures fell 1.4 per cent, or over 400 points, while S&P500 and Nasdaq Futures shed up to 2 per cent.
Asian stocks slipped in volatile trade on Wednesday, failing to extend Wall Street’s rally as persistent worries about interest rates and inflation remained a key focus for investors, while the Japanese yen hit a fresh 24-year low against the dollar.
Tokyo stocks opened higher on Wednesday as investors took heart from a strong bounce back on Wall Street following last week’s rout over inflation fears. The benchmark Nikkei 225 index was up 0.67 per cent, or 175.54 points, at 26,421.85 in early trade, while the broader Topix index was up 0.70 per cent, or 13.07 points, at 1,869.27.
Wall Street’s major indexes jumped over 2 per cent on Tuesday as investors scooped up shares of mega-cap growth and energy companies after the stock market swooned last week on worries over a global economic downturn. The Dow Jones Industrial Average rose 641.47 points, or 2.15 per cent, to 30,530.25, and the S&P 500 gained 89.95 points, or 2.45 per cent, at 3,764.79. The Nasdaq Composite added 270.95 points, or 2.51 per cent, at 11,069.30.
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