D-Street: Nifty closes at 21,903 as the Sensex falls more than 400 points

NEW DELHI: In early trading on Friday, the key equity indexes, the Sensex and Nifty, saw a decrease. Sensex fell 404.84, or 0.56%, to 72,236.35, while Nifty is down over 100 points to trade at 21,903.
While Sun Pharma, Titan, Bharti Airtel, Nestle India, and ITC were trading in the green, IT firms HCL, Wipro, Infosys, IT Mahindra, and TCS were among the worst losers on the Sensex.

Sensex increased by 539.50 points, or 0.75 percent, on Thursday to close at 72,641.19 in response to the potential rate decrease announcement from the US Federal Reserve. It increased by 780.77 points, or 1.08 percent, to 72,882.46 over the day. To 22,011.95, the Nifty increased by 172.85 points, or 0.79 percent.
On Thursday, domestic institutional investors (DIIs) purchased equities valued at Rs 3,208.87 crore, while foreign institutional investors (FIIs) were net sellers of shares worth Rs 1,826.97 crore.
Following a rise of 1.82%, the MSCI Asia ex-Japan fell by 0.9% to signal the beginning of the Asian market’s decline.
As long as the Fed-led boom persisted, Wall Street gained.
For the second day in a row, the benchmark indexes of the three main U.S. stock markets closed at all-time highs as the Federal Reserve hinted at a possible rate reduction this year. Fed Chair Jerome Powell restated his call for a slowdown in inflation to 2%.
Chip stocks were boosted by Micron Technology’s optimistic outlook, and the Dow closed the day just 1% short of reaching 40,000 for the first time. Following an all-time high, Micron Technology experienced a spike of more than 14%, propelled by an unexpected quarterly profit and an above-expected sales projection for the third quarter.
The upgrade to ‘outperform’ by TD Cowen caused a 5.6% increase in Broadcom’s shares. With a rise of more than 1%, Nvidia also made a good contribution, and the Philadelphia Semiconductor Index increased by 2.3%.
Semiconductors are leading the market thanks to their earnings performance, according to Matthew Miskin, co-chief investment strategist at John Hancock Investment Management.
Miskin warned of possible dangers later this year and voiced reservations about the Fed’s confidence in inflation and rate changes.
The publication of economic statistics on Thursday, which showed a decline in jobless claims and a sharp increase in house sales in February, further improved the market mood.
The Nasdaq Composite increased by 0.20%, the S&P 500 by 0.32%, and the Dow Jones Industrial Average by 0.68%. Communications services had a little downturn, while industrial industries saw the biggest growth.
The Dow surged 4.4%, driven by Goldman Sachs, but Apple fell 4.1% as a result of an antitrust case.
Accenture’s stock fell 9% as a result of lower revenue projections in the face of economic uncertainty. Reddit surpassed the price of its first public offering when it made its NYSE debut, closing at $50.44.
Positive tendencies were seen in the NYSE and Nasdaq market performance, with more rising items than declining ones.
New highs and lows were posted by the Nasdaq and S&P 500. Comparing the total shares traded on US exchanges to the 20-day average, there was a modest decline. All things considered, Wall Street’s optimistic trend persists, propelled by encouraging market data and investor confidence.