Indices end week as Asian Inks gains fall 2.6%

Indices end week as Asian Inks gains fall 2.6%

The indices had gained this week amidst optimism surrounding early quarterly earnings announcements of some companies. The central government’s statement that the Omicron variant of the novel coronavirus leads to fewer hospitalisations than the Delta variant also cheered investors. Besides, US Federal Reserve Chairman Jerome Powell’s statement to the US Congress, which was interpreted as less than hawkish, also aided optimism.

The benchmark lists ended the week with gains, despite the fact that their five-day winning streak snapped on Friday. The benchmark Sensex and Nifty ended the week with gains of 2.5 percent. On Friday, the Sensex opened hole down and slid further during the initial two hours of exchange, however recuperated the vast majority of its misfortunes on the rear of purchasing in software and banking heavyweights in the index. The Sensex ended the session at 61,223, a deficiency of 12 places or 0.02 percent. The Nifty ended at 18,255, a decrease of 2 points or 0.01 percent.

However, concerns about the US Fed rate hikes returned towards the end of the week after the US Consumer prices data showed that it grew at the fastest clip in four decades. The US consumer price index (CPI) rose 7 per cent year-on-year in December, the fastest pace since June 1982. This prompted some US Fed officials to join the chorus for more than three interest rate hikes this year if inflation surges higher.

On Thursday, Patrick Harker, president of the Philadelphia branch of the US Fed, became the latest official to throw his weight behind an increase in March.

“Global markets continued to witness a sell-off with hawkish comments from a slew of US Fed officials, indicating faster interest rate hikes to combat inflation. Record high inflation in the US is dampening the sentiments in an otherwise positive macro data environment. Moreover, markets have recovered sharply by more than 10 per cent from their recent lows of 16,400 in 20 days. Valuations are no longer cheap and require strong earnings delivery to sustain positive momentum in the market,” said Siddhartha Khemka, head of retail research, Motilal Oswal Financial Services.

Analysts said investors are grappling with how monetary tightening and rate hikes will pressure equity markets. Low-interest rates and aggressive bond purchases by many central banks had helped equity markets across the globe post some of the best returns in recent times.

Ajit Mishra, vice-president of research, Religare Broking, said there might be further consolidation in the index. However, the bias would remain positive. “Participants should continue with the ‘buy on dips’ approach and focus on sectors that are trading in sync with the benchmark,” he said.

The market breadth was highly positive, with 2,039 stocks advancing and 1,369 declining on BSE. Around 370 stocks hit their 52-week highs, and 515 were locked on the upper circuit on BSE. About two-thirds of Sensex stocks declined. Asian Paints fell the most amongst Sensex stocks and declined 2.6 per cent. Axis Bank fell 2.5 per cent. Eight of the sectoral indices on the BSE declined. Telecom stocks fell the most, and the sectoral index fell 1.2 per cent.

Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
Omicron News, Covid-19 Testing and Mask Mandate: Live Updates
Omicron News, Covid-19 Testing and Mask Mandate: Live Updates
That has helped push the country’s average rate of hospitalizations above last winter’s peak. Hospitalizations of people testing positive for coronavirus over ...
The Xbox mobile apps now allow you to share game captures with anyone through a link
The Xbox mobile apps now allow you to share game captures with anyone through a link
Xbox mobile apps now support sharing game captures with everyone with a link – onmsft. Com – january 14, 2022. By default, Xbox consoles automatically upload ...
Delta Air Lines pilot shortage requests regional service deductions
Delta Air Lines pilot shortage requests regional service deductions
Delta expects to add 100 to 200 pilots a month into next year, Chief Executive Officer Ed Bastian said on an earnings call Thursday. The company hasn’t had a ...
Tesla excludes Cybertruck production dates from its site
Tesla excludes Cybertruck production dates from its site
The Cybertruck was originally announced in 2019. In August 2021, the production of the Cybertruck was moved to 2022 as the EV firm decided to focus on ...
The top video games to look forward to in 2022
The top video games to look forward to in 2022
Meanwhile, we’ve got new titles from the minds behind everything from Skyrim to The Evil Within to Pokémon. That’s to say nothing of a genuinely interesting ...
The 2022 iPad Pro may include a larger logo for wireless charging and a camera similar to the iPhone 13
The 2022 iPad Pro may include a larger logo for wireless charging and a camera similar to the iPhone 13
The idea apparently was to introduce a MagSafe-like wireless charging system to make it easier for users to replenish their devices. A glass back may also ...
CEO Saurabh Garg said UIDAI is open to considering solutions for 'partial authentication'
CEO Saurabh Garg said UIDAI is open to considering solutions for ‘partial authentication’
“These are things that we also want to get feedback from the industry…what is the kind of demand there is, and we can accordingly create…might be just the ...
Wilton finance council hears proposal for new city administrator
Wilton finance council hears proposal for new city administrator
Kelly-Lenz was hired as the joint town-school chief financial officer in Wilton in November 2015. She is due to become New Canaan’s new CFO. Although she had ...
Politicians, royalty, athletes and reality TV stars have broken Covid rules in the last 12 years
Politicians, royalty, athletes and reality TV stars have broken Covid rules in the last 12 years
Here are some of the most famous offenders British Prime Minister Boris Johnson’s top adviser Dominic Cummings caused uproar in Britain after breaching ...
Covid-19 News Live Updates: Vaccine Mandate, Omicron Symptoms, Cases, Free Trials, Quarantine…
Covid-19 News Live Updates: Vaccine Mandate, Omicron Symptoms, Cases, Free Trials, Quarantine…
“We’re working along with everyone here, and with the L.A. County Health Department, to make sure all of our events are being held safely.” “All of our plans ...
Show next
We will be happy to hear your thoughts

      Leave a reply

      Compsmag - Latest News In Tech and Business
      Logo