Domestic equity markets edged lower in Friday’s trade amid weak global cues and rising rate scenario. Key indices Nifty50 dropped over 300 points to trade near 17,300-level and the S&P BSE Sensex tumbled nearly 1,100 points to 58,000-odd level.
All sectors traded on a volatile note. While Nifty FMCG and Nifty IT traded with marginal gains; Nifty Bank, Nifty Realty, Nifty Auto indices slipped the most – over 1 per cent.
Among individual stocks, shares of Tata Steel rallied over 4 per cent after board approved merger of seven metal companies of Tata Group with itself. READ MORE
Besides, shares of M&M Financial Services tanked 14 per cent after the RBI directed the company to immediately cease any recovery or repossession activities via an outsource till further orders. READ MORE
Rupee hits fresh low
The rupee touched a new intraday low of 81.25 per US dollar in the first few minutes of trade on Friday after the Federal Reserve signalled a longer-than-expected tightening cycle. READ MORE
