Sensex, excellent slide in early trade on negative global cues | Market news

Mumbai: Benchmark equity indices Sensex and Nifty edged lower in early trade on Thursday as concerns over the health of the global banking system mounted and uncertainty over the trajectory of rate hikes in Europe and the US continued to weigh on investors.

The 30-share BSE Sensex was down 205.24 points, or 0.36 percent, at 57,350.66, while the broader NSE Nifty was down 78.45 points, or 0.46 percent, at 16,893.70.

In the Sensex pack, 20 companies declined, while 30 scrips were in the red among Nifty constituents.

Major indexes fell five times in the trading session.

Asian markets, including Hong Kong and Japan, fell on Thursday amid negative global signs.

European stocks suffered heavy losses on Wednesday after concerns about the financial health of Swiss lender Credit Suisse.

Investors will also be closely watching the European Central Bank’s decision on interest rates on Thursday as inflation remains high.

Deepak Jasani, head of retail at HDFC Securities, said on Wednesday that major U.S. stock indexes were mostly lower after Credit Suisse’s slide fueled fears of broader banking sector problems following the collapse of U.S. banks Silicon Valley Bank and Signature Bank. last week.

Swiss authorities said on Wednesday that Credit Suisse met capital and liquidity requirements for systemically important banks and that the Swiss central bank would provide the lender with additional funds if needed.

Foreign Institutional Investors (FIIs) remained net sellers in the Indian equity market for the last five consecutive trading sessions. They offloaded shares worth Rs 1,271.25 crore on Wednesday, BSE data showed.

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