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Asian stocks slide as US indices tip into a bear market- India too slides!
Indian Bank pays good dividend after years!!! @ Rs.6.50 %
Pedestrians stand in front of an electronic quotation board displaying the numbers of the World’s stock market, including share prices of the Tokyo Stock Exchange (C, top) in Tokyo on June 14, 2022.
(Preempting a 75 bps interest rate hike in Federal Reserve’s next policy meeting on Wednesday US markets sank in Monday trade and triggered panic in Asian markets too.)
Negative global cues coming in for the Indian markets after a downward trend was witnessed in the U.S markets and Asian indices. Shares across Asian markets tumbled on Tuesday after Wall Street hit a confirmed bear market milestone and bond yields struck a two-decade high on fears aggressive U.S. interest rate hikes would push the world’s largest economy into recession.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.9%. Australian shares S&P/ASX200 sank 5% in early trade, while Japan’s Nikkei stock index was down 1.74%. In Hong Kong, the Hang Seng Index slipped 1.44% and China’s CSI300 Index was down nearly 1% at the open.
The negative tone in Asia follows a bleak session in the U.S on Monday, which saw Goldman Sachs forecast a 75 basis point interest rate hike at the Federal Reserve’s next policy meeting on Wednesday. “The U.S. will see rate rises faster and higher than Wall Street has been expecting,” James Rosenberg, Ord Minnett advisor in Sydney told Reuters. “There will likely be the double impact of earnings forecasts being trimmed and further price to earnings derating.”
Expectations for aggressive U.S rate hikes rose after inflation in the year to May shot up by a sharper than predicted 8.6%. Fears of higher rates leading to a U.S. recession kicked the S&P 500 down 3.88%, while the Nasdaq Composite lost 4.68%. The Dow Jones Industrial Average fell 2.8%. The benchmark S&P 500 is now down more than 20% from its most recent record closing high, confirming a bear market, according to a commonly used definition.
In U.S. trading, benchmark 10-year Treasury yields hit their highest since 2011 on Monday and a key part of the yield curve inverted for the first time since April as investors braced for the prospect that attempts to stem soaring inflation would dent the economy.
Early in Asia, the yield on benchmark 10-year Treasury notes rose to 3.3828% compared with its U.S. close of 3.371% on Monday. The two-year yield, which rises with traders’ expectations of higher Fed fund rates, touched 3.4002% compared with a U.S. close of 3.281%.
“Higher inflation, slower growth and higher interest rates are a damaging combination for financial assets,” ANZ strategists wrote on Tuesday. The dollar dropped 0.06% against the yen to 134.32 but remains close to its more-than-two-decade high of 135.17 reached on Monday.
The European single currency was flat at $1.0407, having lost 3.04% in a month, while the dollar index, which tracks the greenback against a basket of major currencies, was up at 105.19.
Dividend paying stock: Indian Bank is going to turn ex-dividend today as the board of directors of the public sector undertaking (PSU) bank has fixed record date for dividend payment on 15th June 2022. The board of directors of the bank in its meeting held on 11th May 2022 had fixed record date for dividend payment of ₹6.50 per equity share for the financial year 2021-22. The PSU bank informed about the developments in regard to dividend payments via exchange communications.
Sensex tanks 600 points in opening deals
Nifty opens in the red, near 16,300
Twenty seven of 30 Sensex stocks in the red
Rupee falls 8 paise to record low of 77.82 against US dollar in early trade: PTI
Oil falls on demand- worries over Shanghai’s new partial lockdowns
Sensex, Nifty slump over 1% led by losses in metals, IT, financials
Stock market today: Equities extended a selloff as the twin blows of high inflation and slowing economic growth stirred investor anxiety
Share market LIVE updates: Indian indices fell on Friday as Asian shares tracked Wall Street lower after rate hike guidance from the European Central Bank and upcoming US inflation data unnerved investors. At open, Sensex slumped 597.2 pts to 54,723.08, while Nifty fell 176.30 pts to 16,301.80
The next test for markets is the US inflation print on Friday, which will provide clues about how aggressively the Federal Reserve must raise rates. The data are expected to show annual consumer-price gains of more than 8%.
Markets are under the firm grip of Bears. FIIs are bent upon selling dancing to the tunes of US markets and policies. Inflation worldover -in US and India is causing concern. As a result Interest rates are going up. Lenders too hike the rates. RBI on its part increased REPO rate. Geo economic and Geopolitical canvass is not conducive. As a result the stock markets get beaten up red and blue. Investors may wait and watch for some time before deciding to invest.
As far as immediate supports are concerned, 16350 followed by 16300 – 16260 should be seen as key levels. Traders are advised to remain positive but yes aggressive positions are not advisable till the time trend becomes strong. Some stocks with good track record provide an opportunity to buy at their lowest possible rates now and hence may use this golden chance to enhance their strength of their portfolio.
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