August 8, 2022

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Sensex, Nifty Seen Tad Lower As Growth Worries Mount

2 min read

Indian shares may open a tad lower on Tuesday amid recession jitters and escalating U.S.-China tension over Taiwan.

The White House has warned China against overreacting to a trip by U.S. House Speaker Nancy Pelosi to Taiwan after Beijing announced a series of live-fire military drills in the Taiwan Straits and warned of consequences if the trip takes place.

Closer home, there is no question of India getting into recession or stagflation and the government is making all efforts to make raw material prices cheaper and reduce inflation of food items, Finance Minister Nirmala Sitharaman said in her reply to a debate on price rise in the Lok Sabha.

Benchmark indexes Sensex and the Nifty jumped around 1 percent each on Monday, while the rupee rose by 23 paise to close at a four-week high of 79.03 against the greenback.

Asian markets were broadly lower this morning, with benchmark indexes in Shanghai and Hong Kong falling 2-3 percent.

The dollar gauge fell and U.S. Treasury yields eased on growing worries over an economic slowdown, helping gold prices climb to a four-week high. Oil extended steep overnight losses on concerns about global oil demand.

U.S. stocks snapped a three-day winning streak on Monday, as weak economic data from the U.S., Europe and China overshadowed earnings optimism and bets over a more moderate pace of rate increases at the upcoming policy meetings.

The Dow slipped 0.1 percent, the tech-heavy Nasdaq Composite inched down 0.2 percent and the S&P 500 eased 0.3 percent.

European stocks ended lower for the first time in three days on Monday after a choppy trading.

The pan European Stoxx 600 slid 0.2 percent. The German DAX ended little changed, France’s CAC 40 index eased 0.2 percent and the U.K.’s FTSE 100 edged down 0.1 percent.

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2022-08-01 22:24:21

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