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Market LIVE: Sensex jumps 100 pts, Nifty near 17,300; Maruti top gainer. Market volatile amid weak global cues:
US rate hikes could hit highly dollarized emerging market banks: Moody’s..
Stock Market Today: Sensex, Nifty open higher on Tuesday but slides.
Benchmark Indian indices open higher on Tuesday. The SGX Nifty was up 0.14% at 08:40 AM. Sensex closed Monday’s session with a sharp cut of 1,023 points to 57,621.19, while Nifty50 slipped 302 points to end at 17,213.60.
Indian indices may witness a flat to positive start on Tuesday. The markets on Monday were severely hit by a triple blow of inflation concerns, foreign fund outflows, and fears of tightening of monetary policy. The initial euphoria of the Union Budget has evaporated in the last three trading sessions as most of the gains made in 2022 have been reversed. The rising crude oil price, Ukraine tensions, a better-than-expected US jobs data have only added to the chaos. The US market ended down in a choppy trading session on Monday as the Wall Street indices digested mixed quarterly results. In Asia, however, shares advanced in Japan, Australia and South Korea, while Shanghai saw a decline.
Asian stocks, euro hold steady ahead of US inflation data
Asian equities consolidated recent gains as investors’ sentiment improved amid strong results by U.S. companies, helping stocks recover from the worst start to the year since 2016, while a resurgent euro paused ahead of U.S inflation data.
Markets are still alert for rate increases in both the euro zone and the United States after the European Central Bank last week was considered to have adopted a more hawkish tone.
Euro zone yields rose sharply on Monday with Italian bond prices underperforming their peers.
The United States has reported stronger-than-expected jobs and earnings data.
MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.05% to 614.6 after rising to 617.7, the highest since January 25. The benchmark is now up about 3% from a more than one-year low of 595.99 struck on Jan 27.
Japan’s Nikkei rose 0.4%, Korean stocks went up 0.7% and Taiwan gained 0.6%. Hong Kong stocks figured among the losers, with the Hang Seng index falling 0.7%.
S&P 500 futures were steady and Nasdaq futures edged up 0.06%.The MSCI World index fell 6.2% in January – the worst start to the year since 2016.
Wall Street shares finished broadly lower on Monday, while European stocks rose following five straight weeks of declines and European bond yields soared on speculation of monetary tightening.
Markets are on alert for rate rises in both the euro zone and the United States after the ECB last week was considered to have adopted a more hawkish tone. The United States reported stronger-than-expected jobs and earnings data.
European Central Bank President Christine Lagarde on Monday calmed some of those jitters, saying there were no signs that measurable monetary policy tightening would be required.
Major Wall Street stock indexes were mixed throughout the session on Monday before ending down as markets digested mixed quarterly results from megacaps Amazon.com Inc and Facebook owner Meta Platforms.
The Dow Jones Industrial Average remained unchanged to end at 35,091.13 points, while the S&P 500 lost 0.37% to 4,483.87. The Nasdaq Composite dropped 0.58% to 14,015.67.
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