STOCK MARKET NEWS

Indian market closed in deep red due to heavy selling pressure across key sectors on the back of crude oil prices and surging inflation. The domestic market opened on the weak note tracking the unfavouring cues from the US market. The market kept on hovering in the negative territory and remained extremely bearish till the end. Market was not able to change the investors’ weak sentiment, as the international oil prices reached a new high of above $135 per barrel, Asian markets ended low and inflation worries demolished the market, which led the Sensex to fall below 17,000 mark. Also, the US Federal Reserve’s steps to cut US economic growth forecasts and signaling of any rate cut further is unlikely also add to the sentiments. The IT stocks attract the investors confidence at the initial stage but it gave up its gains towards the end due to selling pressure across the counters. From the sectoral front, all indices ended in negative but capital goods and metal stocks faced heavy selling pressures. The market breadth was negative as 1684 stocks closed in red while 1040 stocks closed in green and 67 stocks remained unchanged.