First Published Dec 20, 2022, 9:43 AM IST
Mumbai and the national stock markets started the morning trade on a very poor note. The Sensex plunged by over 500 points to shock investors.
what is the reason
The information that global economic recession will develop in 2023 and the United States is moving towards economic recession in 2023 has caused great concern for investors. Correspondingly, lower retail sales in the US, lower spending and rising interest rates have worried investors.
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Investors were buoyed by China’s easing of coronavirus restrictions and resumption of air travel. But in China, Corona is increasing at an unprecedented rate. As a result, investors are worried about the situation in China. China, the world’s 2nd largest economy, has not yet abated the impact of the corona virus, causing investors to panic.
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Correspondingly, the US stock market ended lower yesterday, while the Asian market also saw a sluggish trend. As this echoed in the Indian market as well, the market has seen a decline since the morning trade began. As a result, from the start of morning trading, investors are not interested in buying shares but are interested in selling shares.
In early morning trade, Sensex was down 526 points at 61,279 points in Mumbai and Nifty was down 168 points at 18,252 points in NSE.
Among the 30 major companies in the BSE, Ultratech Cement and Axis Bank are the only gainers, while the other 28 are down.
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Among sectors in the Nifty, shares in automobile, FMCG, IT, media, real estate and metals fell more than one per cent on average. Pharmaceuticals, public sector banks and private sector banks fell by an average of 0.80 percent.
Last Updated Dec 20, 2022, 10:00 AM IST