The Indian equity market lost nearly 2 per cent amid high volatility, with the Sensex down 1,141.78 points, or 1.95 per cent, at 57,197.15 and the Nifty closing 303.65 points, or 1.73 per cent, lower at 17,172 in the week ended April 22. The US Federal Reserve’s hawkish comments on the rate hike in May, rising bond yields, mixed quarterly numbers, and a worsening Russia-Ukraine war saw the market close in the red.
Santosh Meena, Head of Research, Swastika Investmart Ltd., said: “It was the second week of fall in the Indian equity market on the back of weak global cues, earnings disappointment from IT names, and pain in HDFC twins. It is expected that the next week will also kick off on a somber note on the back of a sharp fall in the US market on Friday after hawkish commentary by the US Fed and weak earnings. The global cues may dominate next week along with April month F&O expiry and Q4 earnings. In terms of Q4 earnings, the market will react to the results of ICICI Bank on Monday while Bajaj Finance, HDFC Life, Bajaj Auto, HUL, Ambuja Cement, Axis Bank, Bajaj Finserv, Vedanta, Indusind bank, Maruti Suzuki, Ultratech cement and Wipro will be other key results which are scheduled next week.”
Sectorally, the Nifty information technology lost 5.6 per cent and the Nifty media index 4 per cent. The Nifty PSU bank and Nifty bank indices lost 4 per cent each. The Nifty auto index, however, added 3 percent, Nifty energy and oil & gas rose 2.4 per cent each.
Global…
