Stock Market Today: Following a decline in U.S. benchmarks, Asia markets also fell following remarks made by two Federal Reserve officials that they were considering raising interest rates by 50 basis points to combat persistently high inflation. The benchmark 10-year Treasury yield jumped to its highest level of the year, while the S&P 500 Index and Nasdaq 100 both experienced 1.4% and 1.9% declines, respectively. The yield on 10-year Treasuries increased to 3.89% in the meantime. While Bitcoin was trading below the 24,000-level, crude oil prices were hovering around the $85 mark.
Rupee snapped its three-day decline against the U.S. dollar
The SGX Nifty, a benchmark index for India’s stock market traded in Singapore, was down 0.45% at 17,987.5. The gains in I.T., metal, and real estate stocks helped India’s benchmark stock indices close out Thursday’s trading session firm for the third straight day. Due to a generally weaker dollar and stronger domestic equities, the rupee ended a three-day losing streak against the US dollar.
Foreign portfolio investors mopped up equities
On Thursday, foreign investors continued to be net buyers of Indian stocks for the fifth straight day. While domestic institutional investors continued to be net buyers for the fourth day in a row and purchased stocks worth Rs 1,577.27 crore, foreign portfolio investors scooped up shares worth Rs 1,570.62 crore. On February 9, they had previously broken a 13-day buying streak.
Stock Market Today: Brent slips below $85/bbl
The US 10-year yield increased to 3.88 percent due to PPI data that was above expectations and expected rate hikes. European markets end higher, CAC reaches a record high, and prices are up almost 1%. Over expectations of a recovery in China’s demand, Brent drops under $85 per barrel. As the dollar index rises past the 104 level, gold prices decline by almost $1,830/oz.
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