Stock Market Today: GIFT Nifty on the NSE IX traded 88.5 points, or 0.45%, lower at 19,385.50, indicating Dalal Street would have a down day on Wednesday. If the Nifty index declines below the 19250 level, it may soon trigger a corrective trend towards the 19100–19150 zone. On the other hand, resistance is seen at the higher level of 19550. India VIX, a gauge of market anxiety, increased 4.1% to close at 12 levels.
Stock Market Today: Indices of Wall street fell
The major stock indices on Wall Street fell dramatically on Tuesday as news that Fitch would downgrade several lenders and stronger-than-expected retail sales figures fuelled concerns that interest rates may rise for longer.
Oil prices fell by more than 1 percent
Oil prices dropped more than 1% due to weak Chinese economic data and worries that Beijing’s unexpected reduction in key policy rates was insufficient to jump-start the nation’s lethargic post-pandemic recovery.
Brent crude futures were down $1.31, or 1.5 percent, to $84.90 per barrel, while US West Texas Intermediate crude was down $1.44, or 1.8 percent, to $81.07. Saudi Arabia and Russia’s supply reductions, which are part of the OPEC+ group, which consists of OPEC and its allies, have sparked a price increase during the past seven weeks.
Foxconn to invest billions of dollars in India
According to a top official of the company, Taiwanese electronics manufacturing giant Foxconn anticipates investing several billion dollars in India if its strategy is fully realised.
During the business’s second-quarter earnings call on Friday, Hon Hai Technology Group (Foxconn) Chairman and CEO Young Liu stated that there is a significant amount of investment potential in India and that the Indian division of the company has attained an annual turnover of close to $10 billion. “Foxconn reported $200 billion in revenue annually. A few billion dollars in investment is just the start when considering the scale of the potential market in India and whether we can completely realise our goals there. According to him, Foxconn has nine campuses in India.
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