Stock Market Update: Prior to the publication of the minutes from the Reserve Bank of India’s most recent policy meeting and significant macroeconomic data from the U.S., Indian shares reversed course on Wednesday as recession fears persisted.
The Sensex is currently down 522.12 points, or 0.85 percent, at 61180. Nifty is now trading at 18,203, down 181.75 points or 0.99 percent. Approximately 116 shares are unchanged, 2727 shares are down, and 801 shares are up.
Stock Market Update: Barring Healthcare & IT
The Covid scandal in China and worldwide caused benchmark indices to decline once more, but today’s decline was more apparent to participants because the red colour on the screen covered everything except for pathology labs, hospitals, and a small number of pharma counters selling Covid-related products. Benchmark indices lost more than a percentage in afternoon trade despite opening in the green, even though developed markets continued to trade in the green. All other sectoral indices except for healthcare and IT ended in the red.
Near-term economic development
In its monthly message on Tuesday, the central bank expressed confidence in the outlook for near-term economic development while stating that inflation “may be slightly lower, but it is certainly not out.” Anita Gandhi, director at Arihant Capital Markets, stated that the RBI’s bulletin “signalled that India’s development will be driven by domestic demand,” adding that domestic macroeconomic indicators like advance tax collections, GST revenues, and auto sales have showed strength.
Barring information technology metal
With the exception of the metal and pharmaceutical indexes and information technology, most of the major sectors reversed their initial gains and fell, with the consumer sector losing 0.5%.
While Accenture’s comments was unfavourable, businesses like Tata Consultancy Services are sending out conflicting signals, Gandhi noted, adding that she anticipates the sector’s change to be stock-specific as investors realign their portfolios in favour of value stocks.
Wall Street equities
In front of important macroeconomic data anticipated later this week, Wall Street stocks ended a four-day decline on Tuesday and posted gains.
After Tuesday’s decline brought on by Japan’s unexpected policy review, Asian markets recovered. MSCI Asia ex-Japan increased by 0.22%.
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