Nifty plunges to 52-week low after Fed’s rate hike: Check major stock movements
Stock market action today
After opening higher, markets made a big U-turn on Thursday, suffering sharp losses as investors turned cautious following Fed’s biggest rate hike in 28 years. Nifty fell 2.11% to end at 15,360.60. All sectoral indices traded sharply lower. Nifty Metal (down 5%) dragged the markets.
Tata Steel, ONGC, Hindalco, Tata Motors and Coal India were the biggest Nifty losers down more than 5% each. Persistent selloff by global investors due to weaker rupee, global recession fears and inflation woes spooked investor sentiments. Intraday, the Nifty plunged to a new 52-week low of 15,335.10. Here are the major stock highlights from today’s volatile session.
Stock movement highlights
Vedanta plunged 8%: Vedanta plunged 8% amid a selloff in cyclical sectors such as metals due to fear of global recession.
Tata Steel down 6%: Tata Steel lost 6% as metal stocks took a beating due to fears of global recession.
Zomato down 6%: Zomato extended losses after Macquarie initiated coverage on the stock with an underperform rating.
Coal India down 5%: Coal India plunged 5% amid a vicious selloff in commodity stocks due to fears of global recession.
NMDC lost 5%: NMDC fell after the company said that the margins could be impacted going forward due to volatile iron ore prices.
ONGC fell 5%: ONGC declined amid a decline in oil prices after the Fed's biggest rate hike in 28 years.
Tata Motors ended 5% lower: Tata Motors fell after it cautioned that lockdown in China may have an adverse impact on sales outlook in FY23.
Nalco dropped 5%: Nalco shares plummeted 5% as cyclical stocks took a beating due to fears of a global recession.
GAIL ended 4% down: GAIL fell amid a decline in oil prices after the Fed's biggest rate hike in 28 years.
Tech Mahindra slipped 4%: Tech Mahindra dropped to a fresh 52-week low after IIFL Securities retained a 'Sell' rating on the stock with a target price of Rs 980.
Wipro down 4%: Wipro plunged 4% to hit a fresh 52-week low amid selloff in IT stocks due to fears of recession.
CPSE ETF down 4%: CPSE ETF ended lower amid a fall in underlying PSU stocks NTPC, Powergrid, ONGC and Coal India.
Bajaj Finance down 4%: Bajaj Finance hit a 52-week low as technical analysts noted more downside for the shares after it broke key levels.
IDFC First tumbled 3%: IDFC First Bank lost 3% amid concerns that the bank's margins would take a hit due to the increasing interest rate cycle.
Kotak Mahindra Bank fell 4%: Kotak Mahindra Bank fell after HDFC Securities said that increasing interest rate cycle will drive cost of funds higher, impacting margins.
Ashok Leyland dropped 3%: Ashok Leyland extended losses after HDFC Securities retained a 'Sell' rating on the stock with a target price of Rs 96.
NTPC down 3%: NTPC shares crashed 3% as investor sentiment took a hit following a massive 0.75% rate hike by the US Fed.
KPIT Tech fell 2%: KPIT Tech dropped 2% amid a selloff in the IT sector owing to recession fears.