Indian stocks are following a downward spiral in Asia on Wednesday, with all major sectors posting losses, as the desire for risky assets created by fears about a global economic downturn, while conglomerate Reliance Industries set a record high.
The NSE Nifty 50 index fell 0.66% to 17,086.45, from 0427 GMT, while the S&P BSE Sensex fell 0.57% to 57,037.54. Both indicators increased by more than 1% each in the previous session. Riding roller coasters in the market are scheduled to continue in the near future, V.K. Vijayakumar, chief investment officer of Geojit Financial Services, said in a statement.
Global stocks are hurting by the news that Russia has cut gas supply in Eastern Europe, the chances of a US interest rate hike, concerns about skyrocketing inflation and tight COVID-19-linked routes in China.
MSCI’s broad index of Asia-Pacific shares outside Japan declined 1.1% to its lowest level since March 15. In India, shares in all sectors have lost momentum. Just three of the 50 stocks gained in the Nifty 50 index. The Nifty lower index index decreased by 1.3% and the mid-cap index decreased by 1%. Nifty’s volatility index is an indicator of the rate of change in traders expected over the next 30 days, up 6.6%.
Hindustan Unilever fell 1.1% ahead of the quarterly results, while Bajaj Finance dropped more than 5% down five weeks and a higher percentage of Nifty 50. To end the trend, Reliance Industries extended profits to the next level. second, skip. 1%.
The conglomerate said on Tuesday it had signed a shareholders’ agreement in an agreement announced with TA’ZIZ of the Ruwais Chemicals Project last year. Reliance also said it had signed a new strategic agreement with ADNOC (Abu Dhabi National Oil Company) regarding high-level cooperation and emissions of carbonization.
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