Chennai, (IANS) | The Indian stock market BSE and NSE declined on Monday due to fear of financial crisis. Experts said this. Several US banks had recently failed or come under stress.
Deepak Jasani, head of retail research, HDFC Securities, said, “Nifty (at NSE) snapped two-day gains on March 20 and closed in the negative. However, after witnessing a sharp rally from afternoon’s low, the Nifty ended 0.65 per cent or was down 111.7 points at 16,988.4.”
He added that the volumes declined on NSE as compared to the recent average. Broader market indices fell more than Nifty reflecting high jitters among non-institutional players.
The BSE Sensex opened at 57,773.55 and closed at 57,628.95.
Asian markets declined on Monday as European markets looked to recover after a negative start, as moves by central banks to boost liquidity and a deal to rescue Credit Suisse fueled serious unrest in the banking sector for investors. failed to address the concerns of
Jasani commented, “Investors worry that banks are cracking under the pressure of unexpectedly sharp, large rate hikes over the past year to cool economic activity and inflation, and that the banking turmoil could lead to a recession.” Is.”
Vinod Nair, Head of Research, Geojit Financial Services, said, “Fear of a financial crisis has kept investors away from equity markets as the global market is facing several headwinds.”
According to him, investor sentiment remained volatile despite the intervention of Swiss regulators to safeguard the global financial system.
The market is now awaiting the outcome of the US Federal Reserve meeting to see how they will respond to the ongoing crisis, especially in terms of rate hikes. Investors expect the central bank to hike interest rates by 0-25 basis points.
–IANS
