Goodwill  Investor Education Initiative :  GoodWill  Eagle’s Eyes!

Opening Bell: Sensex opens over 300 points lower, Nifty below 15,000 on weak global cues; banks, metals lead losses

 

Broader markets traded higher with Nifty Smallcap100 gaining 0.68 percent.

Stock Market Live: Indian indices were off day’s low but continued trading lower on Friday following losses in global peers as bond yields surged again. Asian indices also trade with deep cuts following a negative close on Wall Street overnight. Domestically, broad-based selling was seen across most sectors with banking, financial, and metal sectors leading the losses. However, a recovery in the Energy, auto and IT sectors capped losses.

The Indian equity market opened lower on Friday following weakness in global peers as rising blond yields continue to weigh on sentiment.

At 9:15 am, the Sensex opened 0.65 percent, or 328.72 points lower at 50,517.36, while the Nifty50 index opened at 14,977.95, down 102.80 points, or 0.68 percent.

Broader markets traded higher with Nifty Smallcap100 gaining 0.68 percent.

Broad-based selling was seen across all sectors with banking, financials, and metal sectors leading the losses.

ICICI Bank, IndusInd Bank, Tata Steel, Axis Bank and Hindalco Industries led the losses among Nifty50 constituents, while ONGC, GAIL India, IOC, BPCL and Adani Ports & SEZ were the top gainers.

Shares of Wipro fell over 1 percent after the company announced the acquisition of British consultancy firm Capco for $1.45 billion.

“The ‘bond bears vs equity bulls’ game continues in the US market with similar reverberations in other developed and emerging markets. The highly valued Nasdaq appears to be in a short- phase of reversion to mean, having declined 10% from record highs. The US 10-year yield has again spiked to 1.575% giving further ammunition to bond bears. Back home, both FIIs & DIIs turned sellers yesterday impacting market sentiments. The steady rise in the dollar index also is not good news for FII inflows. In spite of all these the texture of the market remains ‘ buy on dips’ since the ‘growth & earnings recovery story’ is intact and ample liquidity is available waiting to be invested. The comments of the Fed chief Jerome Powel before the FOMC Meet will be keenly watched by the market. The outperformance of mid-small-caps is likely to continue”

Seeing a commodity boom; gold prices to settle at $1,700-1800/oz in 2021: Citi’s Edward Morse

Edward Morse, Global Head of Commodities Research at Citi Group, in an interview with CNBC-TV18, on Thursday said he sees a boom time for commodities. “Definitely a boom time for commodities,” said Morse. “It is misleading to call it a supercycle or anything in between a boom and a supercycle,” he added. For gold, he said, “We think this is going to settle between $1,700 per ounce and $1,800 per ounce range where it has been trading recently. It may go down a bit. We believe that central banks particularly in emerging markets (EMs) are going to be increasing their gold holdings just as they were increasing them over the course of the ten years before the pandemic made them a little bit too expensive for EMs central banks.”

Meanwhile, in Asia, stock markets skidded to one-month lows on Friday as rising U.S. Treasury yields again rattled equity investors while hoisting the dollar to a three-month high, which in turn dragged the Japanese yen.

For all your investment needs feel free to reach Goodwill.

Give us Missed Call us on 90037 90027 . For Support : 044-40329999

Leave a reply:

Your email address will not be published.

Site Footer

© 2018 GOODWILL - ALL RIGHTS RESERVED