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Pre-open session: Sensex slips 350 points, recovers; Nifty50 flat
Q4 results today
SGX Nifty signals a gap-down start
Nifty futures on the Singapore Exchange traded 145 points, or .89 per cent, lower at 16,146.50, signaling that Dalal Street was headed for a gap-down start on Tuesday.
Tech View: Nifty50 forms small bullish candle
Nifty50 on Monday saw a gap-down start, but the index managed to close above the opening level, forming a small bullish candle on the daily scale. The formation, made after a Doji in Friday’s trade, made some analysts hopeful, even as the index continued its lower-high low formations. Avoid shorts for now, they suggested.
Hong Kong shares slump more than 4% in early trade
Hong Kong’s benchmark share index returned from a one-day holiday sharply lower on Tuesday, slumping more than 4% as worries over higher interest rates and slowing economic growth sapped investor sentiment. The Hang Seng index fell as much as 4.11% in early trade, dragged lower by index heavyweights Alibaba Group Holding , Meituan and Tencent Holdings Ltd, which slumped between 4% and 7%.
S&P500 futures down 0.5%
S&P 500 stock futures and Dow Jones futures both fell 0.5% and Nasdaq futures were down 0.6%. Overnight, US stocks extended Friday’s bruising sell-off as investors rushed to protect themselves against the prospect of a weakening economy. Central banks in the United States, Britain and Australia raised interest rates last week and investors girded for more tightening as policymakers fight soaring inflation.
Asian stocks hit 2-year low on rate hike worries
Asian shares tumbled to their lowest in nearly two years on Tuesday as investors shed riskier assets on worries about higher interest rates and their impact on economic growth, while the dollar held near 20-year highs. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.8%, falling for a seventh straight session and extending declines to 17% so far this year. The Nikkei lost 0.9%, Australian shares shed 2.5% and Korean stocks lost 2%.
S&P500 ends below 4,000 for 1st time since March 2021
The S&P 500 ended below 4,000 for the first time since late March 2021 and the Nasdaq dropped more than 4% on Monday in a selloff led by mega-cap growth shares as investors grew more concerned about rising interest rates. The Dow Jones Industrial Average fell 653.67 points, or 1.99%, to 32,245.7, while the S&P 500 lost 132.1 points, or 3.20%, to 3,991.24, its lowest close since March 31, 2021. The Nasdaq Composite dropped 521.41 points, or 4.29%, to 11,623.25.
Rupee slumps to all-time low of 77.44 on forex outflows
Extending its losses for a second day, the rupee on Monday slumped by 54 paise to close at a record low of 77.44 against the US dollar, pressured by the strength of the American currency overseas and unabated foreign fund outflows. Forex traders said risk appetite has weakened amid rising bond yields in the US and mounting concerns about inflation that may trigger more aggressive rate hikes by global central banks.
Sensex, Nifty on Monday
Equity benchmarks began the week on a downbeat note on Monday, weighed by heavy selling in market heavyweight Reliance Industries and persisting weakness in global bourses. Slipping for the second straight session, the 30-share BSE Sensex shed 364.91 points or 0.67 per cent to close at 54,470.67. During the day, it tanked over 900 points to 53,918.02.Similarly, the NSE Nifty tumbled 109.40 points or 0.67 per cent to end at 16,301.85.