Home Business Sensex rises over 100 points to avoid huge fall in global stocks

Sensex rises over 100 points to avoid huge fall in global stocks

Stock market India: Sensex rises over 100 points

Indian equity benchmarks on Wednesday recovered to avert a broader global stock slowdown, halting a three-season losing streak, even as risk sentiment remains buoyed by worries that aggressive policy tightening There will be an economic slowdown around the world.

The BSE Sensex rose 179.53 points to 57,326.85 and the broader NSE Nifty index rose 52.75 points to 17,036.30 in early trade.

In the previous session, both the benchmarks crashed 1.5 per cent in a deep fag-and sell-off.

Overnight, there was no good news.

Oil prices fell for the third day in a row as investors worried about the dangers of a growing recession in China and the potential impact on fuel demand from rising COVID-19 restrictions.
US futures were mixed as the S&P declined for the sixth straight session, and the Nasdaq 100 hit a two-year low.

Led by technology firms, Hong Kong shares were on track to hit their lowest level in a decade, and Chinese stocks also fell to six-month lows. South Korea’s benchmark index fell after the central bank reversed excessive interest rate hikes.

The International Monetary Fund downgraded its global growth outlook for 2023 to 2.7 percent from an earlier estimate of 2.9 percent and warned that inflation, war-related food and energy shortages, and pressure from rising interest rates could lead to a global recession and May be financially unstable. Market.

Bloomberg reported that Christina Hooper, chief global markets strategist at Invesco, said in a note that while the world economy is slowing after rate hikes, there is still a significant decline in inflation.
“This is an extraordinary monetary policy tightening environment, and we are waiting to see if anything breaks down globally,” she said. “Britain has come close.”

The Bank of England warned investors and pension funds in the UK on Friday that it would end its massive bond-buying programme, aimed at calming recent wild swings in the value of the pound and gilts.

Following those comments from BoE Governor Andrew Bailey, markets are uneasy.

Stocks on Wall Street fell on warnings that came ahead of US inflation data that is predicted to confirm the Fed’s resolve for an aggressively toughening policy.

Third-quarter earnings season for US banks begins this week, and strategists are preparing for weak profits in the face of a barrage of warnings about a growing recession around the world.

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