Sensex Today: Indian fairness markets edged decrease on Thursday amid weak international cues and muted international flows. Key indices Nifty50 declined over 50 factors to commerce beneath 17,450 ranges and the S&P BSE Sensex lowered over 200 factors to commerce at 58,873 ranges.
An identical pattern was seen throughout broader markets as Nifty Midcap 100 and Nifty Smallcap 100 slipped as much as 0.8 per cent.
All sectors plunged within the sea of pink as traders’ danger urge for food worsened. Nifty Auto, Nifty Metal, and Nifty Consumer Durables indices declined essentially the most – over 1 per cent.
Dr. V Ok Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated: “The recent 3 per cent rally has taken the Nifty to just 6 percent below its 52-week high. This rally in a difficult global equity environment has surprised many, including the FIIs, who have slowed down their selling. Sustained flows into mutual funds, particularly via the SIP route, is a major factor imparting strength to the market even in the context of negative global economic news. So long as DIIs are flush with funds markets are unlikely to correct sharply. Fundamental support to the market is coming from the good Q2 numbers, particularly from financials. This week is a results-heavy week and most results from Nifty constituents are likely to be good. The rising US bond yields and a rising dollar are hitting all other currencies hard. This will continue to be a potential headwind for equity markets till US inflation starts showing a moderating trend.”
Rupee Opens
The Indian rupee opened marginally greater at 82.98 per greenback on Thursday in opposition to the earlier shut of 83.02.
Global Cues
Asian share markets fell on Thursday as investor fears over a looming recession crimped danger urge for food, whereas Treasury yields rose on expectations that the Federal Reserve will stay aggressive in its rate of interest hikes.
Tokyo shares opened decrease on Thursday after US shares tumbled, with Treasury yields leaping as recession worries deepen. The benchmark Nikkei 225 index misplaced 1.01 per cent, or 275.63 factors, to 26,981.75 on the open, whereas the broader Topix index fell 0.76 per cent, or 14.56 factors, to 1,890.50.
US shares snapped a two-day streak of positive factors on Wednesday as weak spot in shares of Abbott Laboratories and an increase in Treasury yields sapped momentum from the present earnings season and outweighed a surge in Netflix Inc shares.
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