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Banking stocks take a knock. Analysts say traders should keep an eye out for stocks which are showing resilience in a weak market such as Bajaj Finance, L&T and Zomato
The Sensex, India's headline equity index, has experienced a sharp decline, losing over 1,600 points in just three days. This has resulted in investors losing approximately Rs 4 lakh crore. The market capitalization of all companies listed on the BSE has also fallen to Rs 319.5 lakh crore. The decline in the market is attributed to factors such as the US Federal Reserve's decision to project an interest rate hike, rising bond yields, a stronger dollar, higher crude oil prices, expensive valuations, foreign institutional investor selloff, and technical factors.
While Fitch's statement had nothing new to offer as it is a well-known fact that developed market governments are getting more indebted, the downgrade of US rating to AA+ from AAA is seen as being sentimentally negative for riskier assets.
In the Nifty50, State Bank of India, Wipro Ltd, Dr Reddy’s Laboratories, Grasim Industries and HDFC Bank were the top gainers. ONGC, Hero Motocorp, Tata Motors, Titan and Bharti Airtel Ltd were top losers on Monday.
Mahindra and Mahindra climbed 1.08 per cent today, followed by Baja Finance at 1 per cent, and Eicher Motors at 0.97 per cent.