Markets close in red for another day

28 Sep 2022 , 03:50 PM

Markets ended the day in red today. Nifty 50 closed, down by 148.80 points. Sensex closed,  down by 509.24 points. Top gainers today were Asian Paints, Sun Pharma, Dr Reddy’s. Top Losers today were Hindalco, JSW Steel, Axis Bank. Nifty Auto Index, Nifty IT Index, Nifty Healthcare Index, and Nifty Pharma index ended the day in green. All other sectoral indicies ended the day in red.

Continued decline of rupee against the dollar kept market sentiments subdued. RBI’s imminent decision on interest rate hikes also kept sentiments in check. Market participants are now factoring in the fact that RBI cannot support the value of rupee for long through market interventions. Such market intervention will have a very adverse impact on the country’s foreign exchange reserves.