Sensex falls 89 points, Nifty ends below 17,222; cryptocurrencies rally

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Sensex falls 89 points, Nifty ends below 17,222; cryptocurrencies rally

Concerns over inflation and supply constraints caused Benchmark indices to drop for the second straight session on Thursday. Sensex fell by 89.14 points to close at 57,595 and Nifty dipped 23 points to 17,222.

The last 24 hours of the rally has been continued by the markets for cryptocurrencies. The global market cap went up by 2.55 per cent in the last 24 hours and is over $2 trillion as of 8: 00 AM IST, according to CoinMarketCap data.

The price of the digital currency is up by 2.47 per cent and is trading at $43,918. The price of ether is up by 3.30 per cent and is trading at $3,121.

Equity benchmark Sensex opened 192 points higher at 57,788. 25 and Nifty also jumped 66 points to 17,289.

Bajaj Finance and SBI were the top gainers on Sensex, followed by HDFC, HUL, Kotak Mahindra Bank and Bharti Airtel.

Titan and Power Grid were the top losers.

US stocks rose after choppy trading overseas on Thursday, and oil prices fell back as investors watched western leaders present a united front against Russia's invasion of Ukraine. Technology companies lifted the US stock index after a sharp decline in the previous session, with the tech-heavy Nasdaq Composite up 269.24 points, or nearly 2 percent, to 14,191. The Dow Jones Industrial Average rose 349.44 points, or about 1 percent, to 34,707. 94 and the S&P 500 gained 63.92 points, or 1.43 percent, to 4,520. Wall Street stocks rallied overnight and oil prices fell, as stocks in Japan rose in early trade Friday. Japan's Nikkei 225 rose 0.3 percent, while the Topix rose 0.24 percent.

Inflation data showed Japan's core consumer price index hit a two-year high in March, according to Reuters. Australia's S&P ASX 200 stayed in positive territory, as it went up 0.13 percent, with some gains in miners.

Foreign institutional investors FIIs sold shares worth 1,740. Domestic institutional investors DIIs bought shares worth Rs 2,091, worth 71 crore on March 24, and domestic institutional investors DIIs bought shares worth Rs 2,091. As per provisional data available on the NSE, 07 crore are as per the provisional data available.

The Indian equity market is likely to open higher today as the SGX Nifty was trading 88 points higher at 17,310.

The opening of the Indian market will be the first indication of the Singapore Stock Exchange.

The benchmark indices ended lower for the second straight session on Thursday due to concerns over inflation and supply constraints. The Sensex fell 89.14 points to close at 57,595 and Nifty dipped 23 points to 17,222.

Kotak Bank, Titan and HDFC Bank were the top Sensex losers, falling to 3.09 per cent. Dr Reddy's Laboratories, UltraTech Cement and RIL were the top Sensex gainers, rising to 4.90%.

The mid-cap and small-cap indexes of the BSE gained 81 points and fell 45.56 points.

IT and metal shares were the top gainers, with the BSE metals index rising 364 points and the IT index slipping 362 points, respectively. Banking and consumer durables shares were the top losers with BSE bankex falling 700 points and consumer durables index declining 689 points.