Local equity markets are witnessing intense selling pressure from across all sectors on back of weak global cues. All Asian markets are trading in the negative terrain with Shanghai Composite declining by more than 4% and Jakarta Composite shedding around 3%. Moreover, most of the other Asian indices declined by more than one percentage point on the US SEC’s (Securities and Exchange Commission) fraud charges against Goldman Sachs. Back home, all sectors in the broader indices are trading in the red with Metal segment losing around 2.3%, followed by Oil & Gas, Power, Auto and Realty that also lost more than one percentage point. Adding to woes is the Downgrade of Indian Equities by Morgan Stanley to EqualWeight.
Coupled with the global events, RBI’s looming liquidity tightening measures
Read moreStocks reel under selling pressure from across all sectors