Highlights

  • Global markets in a flux as rate hikes from central banks commence
  • End of easy money policy hitting global tech stocks hardest

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Markets at closing: Sensex drops over 1,100 points; Nifty ends at 15,800

Here is why bulls are running for cover

Bulls are running for cover as the markets continue to see heavy sell-off across sectors with the benchmark Sensex and Nifty closing more than two percent down. Sensex dropped 1,150 points while Nifty closed at 15,808, here are some of the factors at play-:

  • Rate Hikes & Inflation: US inflation near 40 year high, India CPI expected to hit 18 month high in April. Yields indicate another rate hike from RBI in June.

  • Bye Bye Easy Money: Fed reducing balance sheet and reducing money supply leading to lower risk appetite. India is now facing 7 months of FII outflow. $17 billion have exited India in this year itself pushing the rupee to a record low vs the dollar

  • Pandemic boom to bust: Companies which enjoyed the rally and growth during the pandemic are feeling the heat of hypergrowth and inflation. Firings and downsizing across tech and startup segments from Netflix to Noom to a hiring freeze at Meta.

  • Covid to War, Concerns Remain: China lockdown still hurting supply chain and adding to inflation. Ukraine war continues to push global food and crude prices higher.

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