Stock Market Update: Even as global equities rose for a third day and the dollar fell as data showing US consumer confidence at an eight-month high on Thursday, Indian equity indexes reversed gains from earlier in the day to extend losses for the third straight day.
Domestic stocks suffered from the hawkish tone of the Reserve Bank of India’s (RBI) most recent policy meeting.
Sensex and NSE Nifty50 indices
Following a two-day losing run, both Indian benchmarks rose substantially in early trade on Thursday, but the choppy session concluded with losses. The broad NSE Nifty-50 index down 71.75 points, or 0.39 percent, to settle at 18127.35, while the 30-share BSE Sensex index fell 241.02 points, or 0.39 percent, to end at 60826.22.
Since India imports more than 85% of its oil, a rise in crude prices impacted domestic equity markets.
Domestic shares may suffer as a result of the hawkish remarks from the RBI’s December policy meeting minutes.
Stock Market Update: Wall Street stocks surged
The majority of the Monetary Policy Committee (MPC) members concurred that since inflation is still “unconscionably elevated,” the RBI cannot “afford to prematurely suspend its rate tightening cycle.”
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However, Wall Street equities rose globally as a result of information showing that consumer confidence in the biggest economy in the world reached an eight-month high in December.
Stoxx 600 equity index opened higher
The European Stoxx 600 market index started the day higher. After data on Wednesday showed US consumer sentiment at an eight-month high, which helped the underlying S&P 500 and the Nasdaq 100 index jump 1.5%, US futures contracts increased.
According to Bloomberg, analysts at SEB in Stockholm told clients that recent selloffs had left international investors with plenty of “dry powder” to buy stocks whenever opportunities presented themselves. “The resilience of the US economy thus continues to impress, and the probability is turned up a mini step for a soft landing,” they said.
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