This was the third straight session of losses for the domestic equities. Equity markets the world over were shrouded in negativity after the world bank's assessment that the world may be edging towards a global recession. The central banks across the world are simultaneously hiking interest rates to combat persistent inflation.
Inflation and interest rates hike spoiled the market sentiment badly.
The sentiments were further marred by the cut in India's growth estimates by Fitch Ratings to 7 percent from the earlier forecast of 7.8 percent. Rising inflation and advances in commodity prices along with a decline in IT stocks further spoiled the sentiments. All sectors were ended in red and every rise was sell off. Entire week was very volatile and India vix was higher than yesterday's close.
Mood was bearish over all and nifty broke 17777 important support but it's near to 17400 which is final hope to survive... If it breaks 17000 would be on card...
Siging off for the week 💐