Home Business Sensex rises nearly 500 points, gains in second consecutive session

Sensex rises nearly 500 points, gains in second consecutive session

Stock Market India: Sensex, Nifty up around 0.8%

Indian equity benchmarks reversed earlier losses in the session for gains on Monday and extended their rally for the second day in a row despite cautious global sentiment as investors looked to corporate earnings announcements for further guidance.

The 30-share Sensex index rose 491.01 points to 58,410.98 and the broader NSE Nifty-50 index rose 126.10 points to 17,311.80, reversing losses in early trade.

Asian stocks, however, slipped at the beginning of the week.

Global stocks have been hit by concerns about the world economy and increased demand for safe-haven assets as the Federal Reserve sharply raised interest rates this year to curb rising inflation, which has driven capital back to the United States. Took and raised the value of the dollar.

On Monday, shares edged higher as investors prepared for several earnings releases this week, which are likely to propel the markets. US equity contracts edged ahead of earnings from Tesla, Goldman Sachs and Bank of America.

But the outlook for US consumer prices is also a major factor suggesting that the Fed will raise interest rates significantly in its next two meetings, significantly negatively impacting the outlook for markets and global economic growth.

According to a Bloomberg report, Morgan Stanley strategist Michael J. Wilson, who has been in equities for a long time, said the US stocks are ripe for a short term rally In the absence of income surrender or official slowdown.

A 25 per cent fall in the S&P 500 this year has left it testing a “critical floor of support” at the 200-week moving average, which could lead to a technical correction, he wrote in a note on Monday.

While the S&P is 25 percent off its peak, BofA economist Jared Woodard warned that the slide was not over, as the world was transitioning from two decades of 2 percent inflation to something more like 5 percent inflation, Reuters reported. Gave.

“The $70 trillion in ‘new’ technology, development, and government bond assets worth 2 percent of the world is vulnerable to these secular changes as ‘old’ industries, such as energy and materials, reverse decades of low investment,” said Mr. Woodard. wrote in a note.

“Walking through a 60/40 proxy and buying what’s scarce — electricity, food, energy — is the best way for investors to diversify,” he said.

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