Home Business Sensex, Nifty jump over 1% on global stock rally despite economic slowdown

Sensex, Nifty jump over 1% on global stock rally despite economic slowdown

Stock Market India: Sensex rises nearly 700 points, but falls below 58,000 level

Equity benchmarks jumped sharply on Friday as Asian stocks ended a five-day losing streak after Wall Street stocks recovered, even as US inflation warmed and the Federal Reserve’s aggressive rate cut. Growth path confirmed.

The BSE Sensex index ended 684.64 points higher at 57,919.97, just below the 58,000 level after rising above that mark earlier in the session, and the broader NSE Nifty ended 171.35 points higher at 17,185.70.

In the previous session, both benchmarks crashed ahead of US inflation data.

This year, the Federal Reserve aggressively raised interest rates to control rising inflation, which attracted capital back to the United States and caused the dollar to climb.

Concerns about the world economy have also increased demand for safe-haven assets and weighed on global stocks.

But trades on Friday were driven by short-sellers in the stock market, driving the rally in equities.

Technology and banking stocks helped the MSCI Asia Pacific index rise nearly 2 per cent from its more than two-year low, with equity benchmarks in China and Japan, major gainers.

Despite Friday’s rally, uncertainty remains.

Data released Thursday showed US consumer prices rising 8.2 percent year over year, confirming that the Federal Reserve will announce another jumbo-sized interest rate hike at its upcoming meeting.

The S&P 500 nevertheless retreated from deep losses, with dip buyers aiding a spectacular recovery.

“Following the large counter move, driven by massive position adjustments, poor liquidity and changes in hedging flows, the question remains whether the market holds up,” Chris Weston, head of research at Pepperstone Group, wrote in a note. Bloomberg. “Once again the lesson is that flow drives the markets and we have to be dynamic to react to moves.”

Asia’s broader stock index was set to fall more than 2 per cent for the week as investors continue to worry about the prospect of a bullish, China’s Covid-zero policy, and rising geopolitical tensions, gauges its Close to the lowest levels. From April 2020.

Hong Kong’s stock benchmark, a reflection of volatile confidence, cut past advances of nearly 4 per cent to just over 1 per cent.

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