Lost Worlds
Related Articles
After a volatile week, the Sensex and Nifty started in the green on Monday as SGX Nifty futures fizzled on early gains. As of 09:16 IST, the Sensex was up 288.99 points or 0.53% at 54615.38, and the Nifty was up 77.80 points or 0.48% at 16344. Speaking of overall market breathing , about 1563 shares were up, 531 shares were down and 98 shares were unchanged in the opening session.
Maruti, NTPC, M&M, Titan, Nestlé, Asian Paints, IndusInd Bank, Ultratech Cement, Kotak Bank and Dr Reddy’s were the top Sensex gainers, rising 4%. While Tata Steel fell 10% resulting in losses.
Steel inventories are expected to see a near-term correction as the collection of export duties on certain steel products is negative for the sector, while a reduction in tariffs on raw materials and lower steel prices The resulting steel would benefit sectors such as construction, capital goods and automobiles.
On the other hand, metal stocks have collapsed due to increased export duties on steel. Tata Steel and JSW Steel fell 10% each, leading losses over Sensex and Nifty, respectively.
Broader markets were mixed. The BSE MidCap index rose 0.16% while the SmallCap index fell 0.11%.
Sector-wise, Nifty Metals plunged more than 6%, while the auto index led the gains, up more than 2%. Real estate and consumer durables were other winners. While Nifty IT and Financials recorded moderate gains.
Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: The “risky and risky roller coaster market” is likely to continue in the near term. The rebound of the S&P 500 from bear market territory last Friday may be an indication that the market is unlikely to turn bearish over the long term. US macro numbers in the coming days will be closely watched by the market. The government’s aggressive move on inflation by cutting excise duties on petrol and diesel and other moves to soften steel prices will slightly reduce the burden on RBI to control inflation . While this is positive from a market perspective, additional government borrowing and the budget deficit exploding beyond budget estimates are cause for concern.
Global indices
Recession fears briefly propelled the S&P500 into a bear market on Friday before closing flat. Some recovery also led the Dow Jones to close unchanged, while the Nasdaq fell 0.3%. However, U.S. stock futures gained more than 1% on Monday.
Asian markets were mixed this morning. Asian stocks came under pressure on Monday as lingering worries about inflation and rising interest rates weighed on the global economic outlook and further selling in technology stocks weighed on Chinese markets. MSCI’s broadest index of Asia-Pacific stocks outside Japan was flat, after US stocks ended the previous session with negligible gains for the day. The index is down 3.6% so far this month. A negative tone was evident as the Hang Seng index fell 0.38% and the mainland’s CSI300 fell 0.37%. Japan’s Nikkei stock index rose 0.8%.
Read all the latest IPL 2022 news, breaking news and live updates here.
