Mumbai, India – The domestic equity markets settled sharply lower on Monday, reflecting the fears of global rate hikes in the wake of robust US jobs data. The session was marked by heavy selling in index heavyweights such as the Information Technology (IT) and banking sectors, which dragged the indices down significantly.
The BSE Sensex saw a plunge of 334.95 points, or 0.55 percent, settling at 60,506.90. Meanwhile, the Nifty 50 index settled at 17,764.60, declining 89.45 points, or 0.5 percent.
The Adani Group stocks remained in the limelight as investors monitored the developments in the group’s various businesses. Despite the overall bearish trend, some stocks in the automobile and consumer goods sectors managed to hold on to their gains.
Analysts attributed the sharp decline to the recent US jobs report, which showed that the US economy created 379,000 jobs in February, surpassing the expectations of economists. The report fueled concerns that the Federal Reserve may have to raise interest rates sooner than expected, which could lead to a tightening of monetary policy globally.
Investors are advised to remain cautious in the near term and keep a close eye on any further developments related to global monetary policy. Market participants are also advised to review their portfolios and realign their investments to align with their risk appetite and long-term financial goals.
In conclusion, the domestic equity markets ended Monday’s session on a weak note, reflecting the global uncertainty and concerns over interest rate hikes. The market is expected to remain volatile in the coming days, and investors are advised to exercise caution and stay informed.
