Stock Market Today, Share Market Highlight: The benchmark equity indices on the BSE and National Stock Exchange (NSE) ended lower for the third successive day on Wednesday weighed by market heavyweights HDFC twins amid mixed cues in the global market.

The S&P Bse Sensex fell 237.44 points (0.41 per cent) to end at 58,338.93 while the Nifty 50 slipped 54.65 points (0.31 per cent) to settle at 17,475.65. Both the indices had opened over higher earlier in the day and surged over 0.7 per cent in early trade with the BSE benchmark hitting a high of 59,003.82 and the NSE barometer touching 17,663.65 before giving up their gains and slipping into the red.

On the Sensex pack, Housing Development Finance Corporation (HDFC), HDFC Bank, Maruti Suzuki India, Dr. Reddy’s Laboratories, Asian Paints and Power Grid Corporation of India were the top losers on Wednesday while ITC, Sun Pharmaceutical Industries, Hindustan Unilever (HUL), State Bank of India (SBI), NTPC and Bajaj Finance were the top gainers.

Going ahead, investors will look forward to the outcome of IT major Infosys’ March quarter (Q4) earnings due later in the evening.

Markets will be shut on Thursday and Friday on account of Mahavir Jayanti/Dr. Baba Saheb Ambedkar Jayanti and Good Friday respectively. They will now resume trade on Monday, April 18, 2022.

Reacting to the market performance on Wednesday, Vinod Nair, Head of Research at Geojit Financial Services noted “Though the global markets have already factored higher levels of inflation owing to high fuel and food prices, the unfavourable numbers dampened investor sentiments. The ECB policy decision will be closely monitored for direction on how the Central bank plans to balance slowing growth and record-high inflation. With the onset of the earnings season, the market is likely to be buoyed by sector specific momentum.”

Global market

Global shares were little changed on Wednesday, pausing after a six-day slump amid a mixed inflation picture, while supply concerns amid Russia’s ongoing invasion of Ukraine helped push oil prices higher. Hawkish moves from the world’s top central banks in response to inflation have weighed on equity markets since the start of 2022, with the MSCI World Index down around 10 per cent.

Data on Wednesday showed no let-up for Britain after inflation hit a 30-year high of 7 per cent, although this came a day after a lower-than-expected US print had given some traders cause to hope policy would be tightened more slowly.

At 1039 GMT, the MSCI World Index was flat at 689.80 points, weighed by falls across most leading European indexes, with the STOXX Europe 600 down 0.4 per cent, although Britain’s FTSE 100 recovered early falls to trade unchanged.

Overnight in Asia, much weaker-than-expected import data from China weighed on the outlook, but added to views Beijing could ease policy further, helping MSCI’s broadest index of Asia-Pacific shares outside Japan climb 0.6 per cent. Japan also posted weak machinery orders data, although its stocks closed higher on the US inflation data. U.S. stock index futures pointed to a 0.4 per cent gain at the open.

-global market input from Reuters

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