Power Apart, All Sectors Take A Downfall
The weakening of the global banking sector, along with bloodbath in the domestic automobile and information technology sectors, caused Indian benchmark indices to plummet sharply.
The weakening of the global banking sector, along with bloodbath in the domestic automobile and information technology sectors, caused Indian benchmark indices to plummet sharply.
Significant gains in the power and utilities sectors helped indices start the fortnight on a much more optimistic note. The indices then declined, mirroring the deterioration in global indices as Federal Reserve Chair Jerome Powell warned that the central bank will likely need to hike interest rates more than initially predicted in order to control higher inflation. With the collapses of Silicon Valley Bank and Signature Bank as well as tensions at Credit Suisse, the fears of a banking crisis were heightened. The weakening of the global banking industry, along with bloodbath in the domestic automobile and information technology sectors, caused Indian benchmark indices to plummet sharply.