Home Business Sensex on back foot, down over 150 points, tracking losses on Wall...

Sensex on back foot, down over 150 points, tracking losses on Wall Street

Stock Market India: Sensex falls over 150 points

Indian equity benchmarks were on the back foot early Thursday, reversing a sharp rally in the previous session, tracking losses in broader Asian markets after a fall on Wall Street ahead of key US inflation data earlier in the day.

The BSE Sensex index fell 179.48 points to 57,446.43 in early trade, and the broader NSE Nifty index fell 35.65 points to 17,087.95, indicating a sea of ​​red in Asian markets.

In the previous session, both the benchmarks rose sharply and ended a three-season losing streak.

That rally in domestic stocks on Wednesday dismissed broader global stock market gloom and suggested only a blip, not a trend.

India’s retail inflation rose to a five-month high of 7.41 per cent last month, putting pressure on the Reserve Bank of India to react with more aggressive rate hikes at the cost of the economy, as in the West.

Asian shares followed Wall Street lower, and bond yields remained depressed on Thursday as investors contemplated the prospects of a worldwide recession amid Federal Reserve rhetoric.

Economic concerns added to concerns about oil demand, and crude prices did not recover from a 2 per cent fall in the previous session.

After the S&P 500’s sixth straight loss, which sent it to its lowest point since November 2020, markets in Japan, China and South Korea posted gains, while US futures barely rose higher.

Investors were on edge as they awaited US consumer price data that could determine whether the Fed has announced a fourth consecutive interest rate hike, adding to tensions in an already fragile global economy. .

“The data is needed to find the Fed off-ramp,” Carol Schleif, deputy chief investment officer for the BMO Family Office, said on Bloomberg television. “It’s a tough market. Until we get a bunch more data, the markets will have to figure out how to get their footing.”

The broadest Asia-Pacific stock index tracked by MSCI fell 0.54 per cent, hovering near Wednesday’s 2-1/2-year low.

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