Home Business Sensex, Nifty fall for the third consecutive session, but fall by about...

Sensex, Nifty fall for the third consecutive session, but fall by about 0.2%

Stock Market India: Sensex, Nifty fall for the third consecutive session

Indian equity benchmarks fell for the third consecutive session on Tuesday, tracking a broader slowdown in fragile global stock markets with concerns about higher lending rates, global recession risks and geopolitical tensions plaguing investors.

The BSE Sensex index fell nearly 90 points, and the broader NSE Nifty index was down 0.2 per cent, hitting losses for the third consecutive session.

In the previous session, both the equity benchmarks had closed lower, but on Monday, there were heavy losses compared to the earlier ones.

After a fourth consecutive fall in US stocks, stocks in Asia continue to fall on concerns that rising interest rates and geopolitical threats will hamper global economic growth.

Shares fell in Japan, South Korea and Taiwan, with chipmakers leading the decline as business resumed after the holidays in the wake of new restrictions on China’s access to US technology. Hong Kong shares continued to fall and US futures declined.

A measure of the dollar’s strength remained near this month’s high as market sentiment turned risk-off.

“Our expectation of the world economy entering a recession next year is in line with further gains in the dollar,” said Commonwealth Bank of Australia strategist Carol Kong.

Investor sentiment remained volatile ahead of India’s inflation data and Thursday’s US inflation data.

If the US data turns out to be hotter than anticipated, the case for another 75 basis-point rate hike would certainly be compelling.

World Bank and IMF presidents warned of a growing threat of a global recession as industrialized economies slow and more inflation prompts the Fed to raise interest rates, increasing debt pressure on developing countries.

According to Bloomberg, Goldman Sachs Group chief economist Jan Hetzius wrote in a note, “A recession is very likely – our subjective probability is 35 percent in the next year – but we think it will require additional setbacks.”

Renewed upward pressure on fuel prices is one area to watch, and Goldman also sees “a small but growing risk of an unnecessary monetary policy policy if Fed officials focus too much on inflation indicators.”

Demand concerns, especially in China, weighed on oil prices, with benchmark crude showing a fall from its recent highs on Tuesday.

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