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Inflation continues to be a major headwind for markets. Consumer inflation in the US in April coming at 8.3% reinforces market’s concern about aggressive rate hikes by the Fed and the possibility of a US recession in 2023. With dollar index at 104 and expected to strengthen further FIIs are likely to continue selling till Indian valuation becomes attractive. Even though DII buying is more than FII selling now, that is not enough to lift sentiments in the market since the macro headwinds are strong. Market’s preference for value over growth is reflected in the strength of high quality banking stocks which are even now at buyable valuations.
– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
BSE SMALLCAP index declines over 2%, lags benchmark Sensex
- The index entered into bear grip in the last session as it has lost over 20% from its peak
Market LIVE Updates: Nifty extends decline, nears 15,900
Sector Watch: Nifty PSU Bank index bleeds the most
All sectors traded in the red in opening session, with PSU Bank index leading as it declined 3%. All other indices traded at least over 1% down
PNB, Voda Idea, IB Housing Finance among most active stocks on NSE
Price as on 12 May, 2022 09:20 AM, Click on company names for their live prices.
Sensex Heatmap: PowerGrid only index gainer in opening trade
OPENING BELL: Sensex slides 600 points; Nifty50 below 16K; HDFC Bank, Bajaj Finance drop 2% each
JUST IN: Rupee drops to 77.5325/dollar; fresh record low
Pre-open session: Sensex drops 480 points, Nifty nears 16,000
SGX Nifty signals a negative start
Nifty futures on the Singapore Exchange traded 140.50 points, or 0.87 per cent, lower at 16,027, signaling that Dalal Street was headed for a negative start on Thursday.
Tech View: Nifty50 forms Hammer-like candle
Nifty50 on Thursday fell for the fourth straight session and formed a Hammer-like candle on the daily chart that had a long lower wick, reflecting the intraday recovery. Such a candle has a bullish connotation if it is followed by a positive close in the next session, said analysts, who see immediate resistance in the 16,20-350 range and index support at 16,000.Read more at:https://economictimes.indiatimes.com/markets/stocks/news/tech-view-nifty50-forms-hammer-like-candle-sends-signs-of-recovery-ahead/articleshow/91494199.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
Hong Kong equities tumble at open
Hong Kong stocks opened lower Thursday after drops on Wall Street on renewed fears of surging inflation. The Hang Seng Index tumbled 1.35 percent, or 267.68 points, to 19,566.89. Mainland China’s Shanghai Composite Index dropped 0.45 percent, or 13.90 points, to 3,044.80, while the Shenzhen Composite Index dropped 0.64 percent, or 12.33 points, to 1,906.18.
Tokyo shares drop on inflation fears, Wall Street falls
Tokyo stocks fell in early trade Thursday after overnight drops on Wall Street as investors fret over inflation. The benchmark Nikkei 225 index fell 1.34 percent, or 350.51 points, to 25,863.13 in early trade, while the broader Topix index gave up 0.79 percent, or 14.59 points, to 1,836.56. The dollar stood at 129.58 yen, down from 130.00 yen seen Wednesday in New York.
Oil eases after surging in previous session on Russia sanctions
Oil prices eased in early Asian trade on Thursday, taking a pause after rising more than 5% in the previous session following new Russian sanctions on some European gas companies. Brent crude futures fell 9 cents to $107.42 a barrel by 0013 GMT. WTI crude futures fell 13 cents to $105.58 a barrel. On Wednesday Russia sanctioned 31 companies based in countries that imposed sanctions on Moscow after Russia invaded Ukraine in February.
US stocks slump after inflation data
US stocks ended sharply lower on Wednesday, with the Nasdaq dropping more than 3% and the Dow falling for a fifth straight day after inflation data did little to ease investor worries over the outlook for interest rates and the economy. The Dow Jones Industrial Average fell 326.63 points, or 1.02%, to 31,834.11, the S&P 500 lost 65.87 points, or 1.65%, to 3,935.18 and the Nasdaq Composite dropped 373.44 points, or 3.18%, to 11,364.24.
Rupee extends gains for 2nd day, 9 paise to 77.25
Rising for a second straight day, the rupee rose by 9 paise to settle at 77.25 against the US currency in a range-bound trade on Wednesday as the dollar retreated from its 20-year high levels and bond yields eased to below 3 per cent mark. Suspected RBI intervention in the futures market and most of the currencies trading flat ahead of the release of key US inflation data also supported the rupee
Sensex, Nifty on Wednesday
The Sensex and Nifty spiralled lower for the fourth session on the trot on Wednesday as investors remained on edge ahead of US inflation data, which will give clues on the Federal Reserve’s policy tightening trajectory. Despite a firm start, the 30-share BSE Sensex failed to carry forward the momentum and ended at 54,088.39, lower by 276.46 points or 0.51 per cent. During the day, it tumbled 845.55 points to 53,519.30. Similarly, the NSE Nifty slipped 72.95 points or 0.45 per cent to settle at 16,167.10.