Strange India All Strange Things About India and world



Stock Market India: Sensex, Nifty open in the greenIndian equity benchmarks started Monday with marginal gains even as broader Asian bourses fell driven by the deepening energy crisis in Europe which contributed to worries about a global economy already dealing with high inflation and a wave of monetary tightening.The 30-share BSE Sensex index gains 286.36 points to 59, 089.69 in early trade, and the broader NSE Nifty-50 index advances 77.9 points to 17,617.35. The Nifty metal index, which outperformed all other sub-indices, increased gains from the prior session by 1.1 per cent.The biggest gainers on the Nifty 50 index were Hindalco Industries, a producer of aluminium and copper, and JSW Steel, which increased 1.8 per cent and 1 per cent, respectively.In a note ahead of markets open, Prashanth Tapse, Senior Vice President for Research at Mehta Equities said, “local benchmark indices are likely to see a weak opening in Monday trades, mirroring weakness in several Asian gauges as recessionary fears in key global economies and prospects of more rate hikes would prompt investors to stay cautious.”That comes after the worst week for global shares since they fell to bear market lows in June.On Friday, the Sensex index ended on a positive note in a volatile session swinging between gains and losses and the NSE closed out lower.Russia’s decision to shut a major gas pipeline to Europe, leading some governments in the region there to announce emergency measures to ease the pain of soaring energy prices, weighed on investor sentiment on Monday.The euro was down near its 20-year low of $0.90005, and European futures fell 3 per cent as markets priced in more risk of a recession, while a broad Asian equity index was down with declines in China, Hong Kong, and Japan.While the EUROSTOXX 50 futures were predicted to begin lower, Wall Street fared better as the S&P 500 futures and Nasdaq futures both rose by 0.3 per cent and 0.2 per cent, respectively,  as a holiday in US markets made for thin trading conditions.Japan’s Nikkei fell 0.3 per cent, while MSCI’s broadest index of Asia-Pacific equities outside of Japan dipped 0.1 per cent.Tech shares in Hong Kong fell as traders assessed the possibility of US investment restrictions.Increased US-China animosity also adds uncertainty to the market, as the Biden administration is mulling steps to limit US investment in Chinese technology companies and will maintain the Trump administration’s import tariffs on goods while they are being reviewed.



Source link

By AUTHOR

Leave a Reply

Your email address will not be published.