Skip to content

Sensex, Nifty fall over 1% after pullback rally

Sensex, Nifty fall over 1% after pullback rally

Bengaluru, June 22: Indian stocks were down over 1 per cent on Wednesday, with the metal index slipping over 4 per cent, while global investors remained worried about monetary policy and bearish fears.

The NSE Nifty 50 index ended 1.09 per cent lower at 15,468.5, while the S&P BSE Sensex closed 0.9 per cent lower at 52,026.81. Both the indices recorded their best session in three weeks on Tuesday.

“Yesterday’s rally was a pullback in a bearish market. But there was not enough steam to sustain the momentum. There was a lot of short covering too,” said VK Vijayakumar, chief investment strategist, Geojit Financial Services.

India’s 10-year benchmark yield declined marginally to 7.42 per cent from 7.48 per cent earlier.

Metal stocks fell on Tuesday on a firming US dollar and rising supply concerns, pushing London copper prices down over 1 per cent.

Nifty Metal index fell 4.5 per cent, Hindustan Copper fell 8.4 per cent.

The Nifty Energy index fell 1.6 per cent, with Oil and Natural Gas Corp and Gas Authority of India falling 4 per cent.

Brent crude was at $113.32 a barrel after US President Joe Biden pressured him to ease rising fuel prices.

Asian stocks fell in volatile trade as the Wall Street rally failed to extend overnight, while the Japanese yen hit a 24-year low against the dollar.

Hero MotoCorp and Bajaj Auto were among the gainers on the Nifty 50 index.

Jain Irrigation Systems jumped nearly 17 per cent after the company said on Tuesday it would sell a 78 per cent stake in its international irrigation business to Temasek-owned micro-irrigation company Rivulis.

Published on

22 June 2022

credit source

Sensex, Nifty fall over 1% after pullback rally

#Sensex #Nifty #fall #pullback #rally

if you want to read this article from the original credit source of the article then you can read from here

Shopping Store 70% Discount Offer

Leave a Reply

Your email address will not be published.