Indian stocks: Sensex, Nifty open in red
India’s benchmark stock index reversed gains on Monday, snapping a four-day losing streak, even as Asian shares and currencies were mixed as concerns over China’s ability to adapt after ditching its zero-Covid policy dampened risk appetite.
The 30-share BSE Sensex rebounded from a four-day losing streak and a weaker start to last trade up 653.32 points at 60,498.61, while the broader NSE Nifty-50 rose 186 points to 17,992.80 despite cautious trading and thinner liquidity in the market due to The market is closed for the holiday.
Tata Steel, State Bank of India, HDFC Bank, UltraTech Cement, IndusInd Bank, Mahindra & Mahindra, HDFC and Power Grid were the top gainers in the Sensex pack.
Only Bharti Airtel continues to lag behind.
Senior Vice President Prashanth Tapse said: “After last week’s sell-off, the market is likely to consolidate in early trading on Monday, amid gains in other Asian indices. However, with intraday volatility, the tone may change. Be Cautious.” For Mehta Equities research.
“The barrage of COVID-19 news is likely to make any investment decisions in the near term challenging, as markets fear the risk of the spread of the new virus could lead to stricter lockdowns,” he added.
Stocks on Wall Street closed higher on Friday as investors analyzed data showing that U.S. inflation continued to fall and the Federal Reserve’s interest rate hikes were having the desired effect.
Asian markets benefited somewhat, but the S&P 500 and the tech-heavy Nasdaq 100 still posted their third straight weekly losses.
“US is enjoying ‘Christmas’ today and UK/Europe is enjoying ‘Boxing Day.’ A record weekly net outflow from passive equities,” said Amit Pabari, managing director at CR Forex Advisors.
2022 is the worst year for global stock markets in more than a decade. After two years of a liquidity-fueled bull market, global stocks face several moments of reckoning in 2022 as a catastrophe engulfs financial markets around the world as Russia marches into Ukraine and the Federal Reserve goes all-out in its war on inflation.
“The Fed has been telling us they will tighten financial conditions until there is a recession or a ‘crash,'” Stephen Innes, managing partner at SPI Asset Management, wrote in a note. “It’s not a good place to own speculative assets, especially long-term varieties. Tell me cash itself is the best thing to invest in at times like this.”
despite this, Sensex outperforms peers in tough yeardomestic investors backed the benchmark amid this year’s crisis after crisis.
