Sensex closes 190 points down after losing steam post positive start, Rupee makes gains

The negativity doesn’t seem to be ebbing from Indian indices anytime soon, as Sensex ended the day 190 points lower at 56,410, while Nifty lost 50 points. Volatility brought markets back into the red after initial positivity inspired by Bank of England’s steps to stabilise its currency.

The losers led by IT stocks included automobiles, finance and consumer goods as well, while pharma and media performed well. Sensex had started the day with a 500 point gain, but lost steam as closing time approached. Asian markets contrasted each other, with Japanese indices closing in the green, while Chinese stocks continued to fall.

Amid speculation about German inflation data, the drop in profits for Sweden-based H&M caused by the Russia-Ukraine conflict, dragged down European markets. The Rupee gained after crashing close to 82 against the US dollar, to close at 81.85.