Stock Market Today: Despite good global cues and stronger-than-expected US economic growth numbers, benchmark stock market indices opened substantially lower on Thursday. However, continuous weakening in seven listed Adani Group companies has dampened market sentiment, resulting in a substantial increase in volatility.
The S&P BSE Sensex was trading roughly 500 points lower just after the opening bell, dropping below 60,000. The NSE Nifty 50 also fell slightly, trading below 17,800. The Midcap and Smallcap indices moved lower, reflecting the negative sentiment.
US economy expanded
The US economy gained 2.9 percent in the quarter ended December 2022, according to official figures released on Thursday, ending 2022 with momentum despite the pressures of high interest rates and widespread fears of an approaching recession. This was, however, weaker than the 3.2% growth rate recorded in the previous three months.
World’s largest economy will slow
Most economists believe the world’s largest economy would slow further in the March 2023 quarter, eventually slipping into a slight recession by midyear.
Asian markets rose
Following a strong handover from Wall Street, equities in other Asian markets rallied on Friday, with MSCI’s broadest index of Asia Pacific shares outside Japan climbing 0.4 percent at the time of writing. The Nikkei 225 in Japan was up 0.1%, the Shanghai Composite in China was up 0.8%, the Hang Seng in Hong Kong was up 0.2%, the KOSPI in South Korea was up 0.9%, and the Straits Times in Singapore was up 0.4%.
Stock Market Today: US stocks end in the green
Wall Street closed higher on Thursday after a turbulent afternoon as investors wrestled with an onslaught of economic data and a string of mixed corporate reports, all while keeping an eye on the clock as it ticked down to next week’s Federal Reserve monetary policy meeting. While all three main US stock indexes rose, megacap momentum stocks, boosted by Tesla Inc’s earnings beat and strong sales estimate, helped put the Nasdaq in first place.
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