Sensex, Nifty End Sharply Lower As Stocks Plunge On Recession Fears

RTTNews | il y a 1074

(RTTNews) - After a weak start Friday morning, Indian shares kept sliding lower and lower as the session progressed as selling intensified at several counters from across various sectors amid mounting fears over a possible recession in the U.S. due to rising interest rates.

With the Federal Reserve very likely to announce its third successive 75-basis point interest rate hike when it announces its policy next Wednesday, the mood in global stock markets has been quite bearish since Thursday.

Markets also reacted to a report from the World Bank that said the world could face a recession next year amid simultaneous tightening of monetary policy by central banks. The World Bank called for boosting production and removing supply bottlenecks to ease inflation.

Several indicators of global recessions are already "flashing signs", the report said. The global economy is now in its steepest slowdown following a post-recession recovery since 1970, it added.

The BSE benchmark Sensex ended with a loss of 1093.22 points or 1.82 percent at 58,840.79, after falling to a low of 58,687.17 in the final hour. The broader Nifty50 index of the National Stock Exchange, which dropped to 17,497.25, ended the session at 17,530.85, recording a loss of 346.55 points or 1.94 percent.

Technology, automobile, oil, metal, consumer durables and FMCG stocks tumbled.

Ultratech Cement, Tech Mahindra, Infosys, M&M, Wipro, Tata Consultancy Services and Nestle lost 3 to 4.5 percent.

Reliance Industries, HCL Technologies, HDFC, Bajaj Finserv and Dr Reddy's Laboratories shed 2 to 2.5 percent. State Bank of India, HDFC Bank, Asian Paints, Titan Industries, Hindustan Unilever and Tata Steel also ended notably lower.

Vedanta plunged more than 7 percent. Timken, Elgi Equipment, Kalpataru Power, Indiabulls Housing Finance, Emami, GNFC, PTC and Rallis Industries fell 5 to 6.5 percent.

The market breadth was very weak. Out of 3610 stocks traded on BSE, as many as 2532 stocks closed weak. 972 stocks ended higher, while 106 stocks settled flat.

Singapore Stock Market Tipped To Open In The Red

The Singapore stock market has climbed higher in five straight sessions, improving almost 70 points or 1.6 percent along the way. The Straits Times Index now sits just above the 4,255-point plateau although investors may lock in gains on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

RTTNews | il y a 16 minutes

Rally May Stall For Malaysia Stock Market

The Malaysia stock market has moved higher in three straight sessions, collecting almost 15 points or 0.9 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,600-point plateau although it's likely to open to the downside on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

RTTNews | il y a 46 minutes

Japan Stock Market May Spin Its Wheels On Tuesday

The Japan stock market has moved higher in back-to-back sessions, gathering almost 200 points or 0.5 percent along the way. The Nikkei 225 now rests just above the 42,800-point plateau although it may be stuck in neutral on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water. The Nikkei finished modestly higher on Monday following gains from the financial shares, weakness from the technology stocks and a mixed picture from the automobile companies. For the day, the index advanced 174.53 points or 0.41 percent to finish at 42,807.82 after trading between 42,681.37 and 43,201.42. Among the actives, Nissan Motor accelerated 3.15 percent, while Mazda Motor shed 0.55 percent, Toyota Motor eased 0.10 percent, Honda Motor climbed 1.01 percent, Softbank Group soared 3.53 percent, Mitsubishi UFJ Financial dipped 0.11 percent, Mizuho Financial collected 0.79 percent, Sumitomo Mitsui Financial added 0.41 percent, Mitsubishi Electric rose 0.35 percent, Sony Group slumped 1.11 percent, Panasonic Holdings lost 0.49 percent and Hitachi fell 0.24 percent.

RTTNews | il y a 1h 2min

KOSPI May Run Out Of Steam On Tuesday

The South Korea stock market has tracked higher in three straight sessions, collecting almost 80 points or 2.6 percent along the way. The KOSPI now sits just shy of the 3,210-point plateau although it's due for consolidation on Tuesday. The global forecast for the Asian markets is soft, with profit-taking likely on the menu. The European markets were mixed and the U.S. bourses were down and the Asian markets are also expected to open under water.

RTTNews | il y a 1h 17min