Home Business Sensex drops over 100 points, extends losses for second straight session

Sensex drops over 100 points, extends losses for second straight session

Stock market India: Sensex, Nifty open in red mark

Indian equity benchmarks fell in early trade on Monday as crude oil prices jumped on hopes that China’s measures to ease economic sanctions would eventually improve the outlook for global growth and demand for risk assets.

The 30-share BSE Sensex index fell 135.87 points to 62,732.63 in early trade on Monday, and the broader NSE Nifty-50 index opened lower as other Asian markets turned green following reports of easing of some stringent restrictions imposed by Chinese cities. Rejected the wave of. ,

Prashant Tapase, Senior Vice President (Research), Mehta Equities said, “Despite the positive momentum, traders may exercise caution ahead of the monetary policy week this week, as the market has already seen a sharp rally, while valuations also look slightly overpriced.” Used to be.” ,

A rally in oil prices after OPEC+ meeting on Sunday and maintaining its production targets on hopes of a pick-up in fuel demand may limit gains in domestic equities.

The Reserve Bank of India’s monetary policy announcement, which is scheduled for Wednesday, will also be a hot topic for Indian stock markets. The Reserve Bank of India is expected to increase interest rates marginally by 35 basis points to 6.25 per cent.

Wall Street stocks ended the day lower on Friday as investors processed a stronger-than-expected jobs report that raised doubts about the US central bank’s ability to moderate rate hikes.

Nevertheless, global risk sentiment on Monday morning was supported by Beijing’s effort to make its zero-COVID policy more targeted and less onerous. On Sunday, Chinese cities announced a loosening of coronavirus restrictions.

“While the easing of some restrictions does not yet equate to a wholesale shift away from the dynamic COVID Zero strategy, it is further evidence of a shifting outlook, and financial markets remain firmly focused on the long-term outlook in the near term.” Economist Taylor Nugent told Reuters “activity has been impacted as virus cases continue.”

MSCI’s broadest index of Asia-Pacific equities outside Japan rose 0.2 percent, after rising 3.7 percent last week to a three-month high.

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The market climbed more than 1%, closed at a new record level

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