Business

Stock Market: Indices Recover With Nifty

Stock market opened on a tepid note on Monday but has turned flat now.  Indian benchmark indices S&P BSE Sensex and Nifty50 were trading in red in early trade, tracking negative global cues. The Nifty 50 index was down 0.20% at 18,459.35, as of 09:45 a.m IST, and the S&P BSE Sensex fell 0.17% to 62,087.01.

The rupee is seen around 82.45 per dollar in early trades, against its previous close of 82.27. Traders also braced for local retail inflation data, due later in the day. Key events like India and the US inflation data, US, UK, and ECB’s policy actions are likely to keep investors on tenterhooks. In the run-up to these events, movement in benchmark indices could be limited.

Information technology stocks led the fall for the second session in a row, with Infosys, Tata Consultancy Services, HCL Tech and Wipro among the top losers. The slide comes after HCL Technologies warned of a potential slowdown in client spending in U.S. markets.

Also Read: Cricket: Team India Women With Super Over Win

Investors expect a 50-basis point interest rate hike by the U.S. Federal Reserve at its policy meeting this week. A steep interest rate hike might push the economy into recession as inflation continues to remain a priority for central bankers.

Buying returned banks and Nifty Bank as well, with 8 advances in the 12-stock index. The index was trading at 43,728.65, up 95.20 points or 0.22 per cent.

The small-cap stock with a market cap of around ₹1240 crore is a glaring example of how a long-term investor can benefit and expect a whopping return on one’s investment.

Singapore based SGX Nifty futures, an early indicator of movement in Nifty was trading at 18,549.5, down 41.5 points or 0.22 per cent while Dow Futures were trading at 33,445.50, down 31 points or 0.09 per cent.

The movement of rupee, FII flow and crude oil prices will dictate trend in the near term, while volatility is likely to remain due to endless Russia-Ukraine crisis and new COVID cases in China. Asian Markets are trading mixed; Nikkei is down 1.9% while Heng Seng is up 0.23%.

 

Spriha Rai

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