Sensex, Nifty Seen Lower As Europe's Energy Crisis Worsens
(RTTNews) - Indian shares may open lower on Tuesday as a global sell-off continues on fears that big economies would soon slide into a recession.
IT stocks could be in focus after reports that Infosys has slashed the variable compensation for employees for the first quarter of FY23 due to pressure on operating margins. Peers Wipro and TCS also took similar decisions in the past few days.
Benchmark indexes Sensex and the Nifty tumbled around 1.5 percent each on Monday while the rupee settled flat at 79.84 against the dollar.
Asian markets were seeing broad-based losses this morning amid unease over China's economy and a worsening energy crisis in Europe.
The euro hit 20-year lows overnight as benchmark gas prices in the European Union surged 13 percent to a record peak, stoking fears of recession and pushing bond yields higher.
Gold edged higher in cautious trade after hitting a near one-month low in the previous session, while oil prices rose after Saudi Arabia warned that OPEC could cut output to correct a recent drop in oil futures.
U.S. stocks posted their worst daily drop in two months overnight amid worries about recession and the outlook for interest rates.
The Dow lost 1.9 percent, the S&P 500 fell 2.1 percent and the tech-heavy Nasdaq Composite slumped 2.6 percent.
European stocks hit their lowest level in nearly a month on Monday as gas and power prices surged and rate hike fears mounted.
The pan European Stoxx 600 gave up 1 percent. The German DAX plunged 2.3 percent and France's CAC 40 index declined 1.8 percent while the U.K.'s FTSE 100 slipped 0.2 percent.
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