Home Business Sensex drops over 200 points, extends losses for third straight day

Sensex drops over 200 points, extends losses for third straight day

Stock Market India: Sensex, Nifty extend losses for third straight session

Indian equity benchmarks fell on Tuesday, extending losses for the third straight session after an eight-day bull run that included record closes for six consecutive days.

Domestic shares mirrored sharp declines in global risk assets Asian shares posted their biggest decline in two weeks after strong US economic data suggested the Federal Reserve could hike its aggressive interest rate for a longer period than previously expected Is.

The BSE Sensex index ended 208.24 points, or 0.33 per cent, lower at 62,626.36, and the broader NSE Nifty fell 58.30 points, or 0.31 per cent, to close at 18,642.75.

The Sensex opened at 62,834.60 on Tuesday with a low of 62,390.07 and a high of 62,677.84.

MSCI’s broadest index of Asia-Pacific shares outside Japan shed 1.4 percent, its biggest decline since Nov. 21, after climbing to a three-month high in the previous session.

Stock prices fell 1.6 percent in Taiwan, 1.1 percent in Hong Kong and 1 percent in Korea. China’s stock market continued to improve, with the overall index rising 0.6 percent, while Japan’s stock market gained 0.3 percent.

“The black swan in the room is the risk of the Fed being too late again, but this time cutting rates,” Howard Chee, head of research at hedge fund Quarz Capital Asia, told Reuters.

“Monetary policy operates with a lag,” said the research head, adding that declining housing prices, rental rates, commodity and freight pricing, as well as rising layoffs and inventories signal an already weak US economy. Giving.”

Following a third day of losses for the S&P 500 and heavy selling on Monday, the index’s contracts soared on Tuesday. An indicator of European shares swung between gains and losses as the seven-week bounce began.

A strong US economy and persistent inflation, and money market futures and economists believing the Fed will need to raise rates more than initially anticipated, dampened optimism about the reopening in China. Used to be.

“I think we still haven’t gone through the volatility that we’re going to see,” Hannah Gooch Peters, global equity investment analyst at Sanlam UK, said in an interview with Bloomberg TV. “Inflation is not under control right now.”

Meanwhile, in what is being seen as a quick move towards rolling back the Covid Zero policy, Beijing announced that it will eliminate Covid testing requirements for most public places.

As Bloomberg reports, strategists at Mizuho International Plc wrote in a note to clients, “If growth continues to fuel optimism about the 2023 Chinese reopening, Asia could enjoy some degree of positive momentum.” Huh.”

Chinese equities have rallied recently, but they have been among the worst performers in Asia so far this year.

“We are taking a ‘dips by the dips’ approach to increase our allocation as we believe the full reopening of Chinese borders is expected to take place by mid-February,” said head of research at hedge fund Quarz Capital Asia. Will happen.” Investment firms were generally bullish on Asian equities.

A separate Reuters report showed foreign net monthly inflows into Asian stocks hit a two-year high in November. Sentiment was also boosted by hopes that China would eventually relax its zero-Covid policy and open up its economy.

Foreign investors bought shares worth a net $15.18 billion in November, the most since November 2020, according to data from stock exchanges in Taiwan, India, the Philippines, Vietnam, Thailand, Indonesia and South Korea.

In the oil market, after the G7 price cap on Russian marine oil came into effect on Monday, apart from EU ban on Russian petroleum imports by sea, crude prices fell by more than 3 per cent in the past. have grown rapidly. session.

featured video of the day

Sensex rises over 900 points, US stocks best performance since 2020

RELATED ARTICLES

Ashneer Grover, Madhuri Jain summoned in legal battle with BharatPe

<!-- -->Ashneer Grover resigned from BharatPe in March. (file)New Delhi: The Delhi High Court today issued summons to former BharatPe MD Ashneer Grover...

Air India’s $400 million upgrade includes premium economy area

<!-- -->Air India said it has engaged JPA Design to assist with the cabin interior design. (File)Mumbai: Full-service carrier Air India today said...

Inox GFL Group raises Rs 1,500 crore, moves towards zero net debt

<!-- -->Rs 740 crore was raised through the IPO of Inox Green Energy Services. (File)Noida: Inox GFL Group on Thursday said it has...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Turkey’s leader admits “shortcomings” as earthquake kills more than 12,000

<!-- -->In 1999, a magnitude 7.4 earthquake killed over 17,000 people.Conclude: Turkish President Recep Tayyip Erdogan acknowledged "shortcomings" on Wednesday following criticism of his...

Amrita Singh was cheated by Sunny Deol, she separated from Vinod Khanna because of her mother

Amrita Singh is not dependent on any introduction. He created panic in the industry with his strong acting between the 80s and 90s....

“Will Inject Pace…”: Ramiz Raja Feels This India White-Ball Specialist Should Be Unleashed vs Australia | cricket news

India take on Australia in the Border-Gavaskar Trophy© BCCIFormer Pakistan Cricket Board (PCB) chairman Ramiz Raja feels Team India should unleash white-ball specialist Suryakumar...

Sargun Mehta revealed what the mother said about Priyanka Chaudhary winning Bigg Boss: ‘She has won and…’

Actor Sargun Mehta took to Instagram, and shared a series of pictures with husband-actor Ravi Dubey and actors - Priyanka Chaudhary and Ankit Gupta....

Recent Comments