Stock Market Update: The recovery in Chinese shares following new government steps to support that country’s struggling property sub-sector lifted optimism on Tuesday, helping Indian market indices end a three-session losing skid.
Tuesday saw the dollar retreat from significant gains made the previous day, but concerns that Beijing may re-impose tight COVID regulations that might further disrupt supply chains continued to hold back investor sentiment towards risky assets.
Stock Market Update: Sensex and Nifty
The BSE Sensex index increased by 274.12 points, or 0.45%, to finish at 61,418.96, and the larger NSE Nifty index swung up by 0.46 percent, or 84.35 points, to finish at 18,244.20.
Growing more than before
Some of the top Sensex performers included IndusInd Bank, NTPC, UltraTech Cement, Titan, Infosys, Tech Mahindra, Tata Consultancy Services, and Larsen & Toubro.
Nestle, Bharti Airtel, PowerGrid, HDFC Bank, and Kotak Mahindra Bank were among the businesses that lagged.
As heightened investor risk appetite prompted flows into stocks and commodities, global shares moved higher, recovering some of the losses from the previous day.
MSCI All-World index of stocks
The stock market index MSCI All-World rose 0.2%, putting it on pace to record gains for the second month in a row, which would mark the longest winning streak since late 2021.
While European shares increased and Asian stocks recovered from previous losses, US futures fluctuated as traders analysed Federal Reserve officials’ comments on interest rate increases and assessed the impact of Covid infections in China.
Stock Market Update: Views of Mary Daly
On the other hand, Mary Daly, president of the San Francisco Fed, stated that policymakers must be mindful of the transmission delays.
Sarah Ponczek, a financial advisor at UBS Private Wealth Management, stated on Bloomberg Television, “In a year like this, it is extremely difficult and frequently a fool’s errand to read too much into any one speech from one Federal Reserve official.”
In actuality, we do anticipate that the Federal Reserve will most likely boost interest rates once again in December.
Tuesday saw an increase in oil prices on the commodities market as a result of Saudi Arabia’s denial of a media report that it was considering increasing oil production with OPEC and its allies.
“Markets remain subject to even greater volatility due to a complete lack of market liquidity,” ADM Investor Services Chief Global Economist Marc Ostwald told Reuters. “This was all too evident in crude oil futures, which plunged on the WSJ story suggesting Saudi Arabia may propose a very surprising increase in OPEC production at the December meeting, only to fully reverse when this was denied.
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