Stock Market Update: The opening of Indian shares on Friday was subdued following strong U.S. statistics that suggested the Federal Reserve would need to keep raising interest rates.
Major sectoral indexes logged losses
Major sectoral indexes in general posted losses. The decline in information technology equities came ahead of the third quarter earnings season, which is slated to start on Monday, and affected 25 of the Nifty 50 members.
Wall Street equities closed lower
After data revealed that private firms employed more workers than anticipated in December, indicating strength in the labour market, Wall Street stocks finished lower overnight. The Fed may be able to raise its target interest rate above the 5.1% high predicted earlier thanks to the economy’s resiliency.
Stock Market Update: Asian markets shrugged off rate worries
On Friday, Asian markets ignored rate concerns, with the MSCI Asia ex Japan index climbing 0.77%. The recovery in oil prices, which increased over 1% on decreasing fuel stocks in the U.S., has added to losses in Indian shares.
Oil-importing nations like India, where crude accounts for the majority of the country’s import bill, are adversely affected by higher oil prices.
According to its business update, Sobha reported its best-ever third-quarter sales, which helped individual stocks rise by almost 2%.
Stock Market Update: Rupee drops as dollar rallies
The dollar index rose as good U.S. data overnight stoked anticipation of further monetary tightening from the Federal Reserve, which led to a decline in domestic equities and a weakening of the Indian rupee on Friday.
The rupee lost the majority of Thursday’s gains of 0.31%, closing the session at 82.72 to the dollar as opposed to its previous close of 82.5550. The currency closed the week essentially unchanged.
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