NEW DELHI: Domestic equity market extended its losing streak for the sixth straight session on Friday amid fears of elevated interest rates, which pose a challenge to global growth. The BSE Sensex fell 142 points, or 0.24%, to close at 59,464, while the Nifty50 declined 45%, or 0.26%, to settle at 17,466. During the week ending Friday, the 30-share barometer Sensex shed 1,784 points or 2.91% while broader Nifty50 lost 2.61% or 467 points. Beside interest rate fears, rising tension between Russia and Ukraine also spooked investors.
Among key Nifty50 stocks, Adani Enterprise Ltd shed nearly 20% during the week. The 10-listed entities of the embattled Adani Group have now lost Rs 12 lakh crore in market capitalisation in one month since the release of Hindenburg’s scathing report.
According to Joseph Thomas, Head of Research at Emkay Wealth Management, major factor that has been causing a bend in the river is the avalanche of economic data, mostly from the US, that carried hints that the economy might be stronger that one thinks, inviting an inference that there could be further policy tightening in store.
Thomas believes that these pressures are not going to go away soon, and could dominate discussions and markets for another quarter or so. “It looks like the factors responsible for the current weakness still has an upper hand,” he noted.
Adani Enterprises loses nearly 20% during this week
Among key Nifty50 stocks, Adani Enterprises Ltd shed nearly 20% during the week. The 10-listed entities of the embattled Adani Group have lost Rs 12 lakh crore in market capitalisation in one month since the release of Hindenburg’s scathing report