The equity benchmarks saw a severe sell-off and closed the week with significant losses. Inflation in the United States has been higher than projected, increasing the likelihood of aggressive rate rises by the Federal Reserve.
The Nifty fell below the 17,550 mark. The Sensex dropped 952.35 points, or 1.59%, in the week ended Friday, September 16, 2022, to conclude at 58,840.79. The Nifty slid 302.5 points, or 1.68%, to 17,530.85. The BSE Mid-Cap index sank 1.46% to 25,558.21 points. The BSE Small-Cap index slipped 1.12% to 29,199.39 points.
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How equity benchmarks performed on a weekly basis:
Monday, September 12, 2022
The Sensex increased 321.99 points, or 0.54%, to 60,115.13. The Nifty 50 rose 103 points, or 0.58%, to 17,936.35.
The Sensex gained 455.95 points, or 0.76%, to 60,571.08. The Nifty 50 climbed 133.70 points, or 0.75%, to 18,070.05.
The Sensex dropped 224.11 points, or 0.37%, to 60,346.97. The Nifty 50 lost 66.30 points, or 0.37%, to 18,003.75.
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The Sensex lost 412.96 points, or 0.68%, to 59,934.01. The Nifty 50 slid 126.35 points, or 0.70%, to 17,877.40.
The Sensex plummeted 1093.22 points, or 1.82%, to 58,840.79. The Nifty 50 sank 346.55 points, or 1.94%, to 17,530.85.
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What happened in the Global markets:
The World Bank warned last week of a global recession in 2023, and that central bank hikes may not be enough to bring prices down.
Also Read| India’s retail inflation rises 7% in August due to high food prices
Commercial bank credit growth is close to a nine-year high of 15.5% year on year for the week ended August 26, 2022, according to the latest Reserve Bank of India statistics.
The consumer price inflation (CPI) in India increased to 7% in August from 6.71% in July, according to National Statistical Office data released last Monday. Inflation was 5.30% over the same time last year.
India’s industrial production grew by 2.4% year on year in July, down from 12.7% in June, according to statistics issued last Monday by the National Statistical Office. Industrial production increased 11.0% in the same month in 2021.
The wholesale price index (WPI) in India was 12.41% in August 2022 contrasted to 11.64% in August 2021. The WPI increased by 13.93% in July 2022, compared to 16.23% in June.
Also Read| India’s WPI inflation eases to 12.41% in August from 13.93% in July
The US consumer price index increased 0.1% in August after remaining constant in July. The CPI grew 8.3% in the year to August. This was a slowdown from July’s 8.5% increase and June’s 9.1% increase.
In China, the central bank maintained the 2.75% one-year medium-term lending facility (MLF). According to China’s most recent economic figures, growth increased in August. Retail sales grew 5.4% in August compared to the same month last year, much above the 2.7% growth in July. Last month, industrial production increased by 4.2% over the previous year. In July, industrial production increased by 3.8%.
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After thirteen months of losses, new automobile registrations in the European Union increased in August. According to the European Automobile Manufacturers’ Association, sales climbed by 4.4% altogether and rose in major countries such as Spain, Italy, Germany, and France, but remained well below pre-pandemic levels. Total sales volumes are down 11.9% year to date, owing mostly to a continuing semiconductor shortfall.
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Retail sales in the United Kingdom declined 1.6% month on month in August, according to numbers released last Friday. It was the first month since July 2021 that all major sectors suffered declines, including food and non-food retailers, online retail, and fuel.
