Stock market today, stock market updates: The benchmark BSE and National Stock Exchange (NSE) stock indices opened down nearly 2% on Thursday, following a tumble in global markets.
As of 9:15 a.m., the S&P BSE Sensex was down 984.24 points (1.82%) at 53,221.29 while the Nifty 50 was at 15,946.35, down 293.95 points (1.81% ).
All stocks in the Sensex pack were trading in the red at the start of trading. Tech Mahindra, Bajaj Finserv, Wipro, Infosys, Tata Steel and Bajaj Finance were the big losers in early deals.
“The rupiah hitting an all-time low, the Fed’s tightening policy and the continued sell-off of REITs, will likely have short-term economic ramifications. Growing inflationary pressure has forced the FED and other central banks around the world to start raising interest rates in the coming months, leading investors to believe an economic recession is looming. India is worried as a falling rupee and impending rate hike mean a hit to operating margins and profitability. However, the Indian economy is strong, mainly due to positive corporate earnings momentum. Globally, the Russia-Ukraine crisis and supply chain disruptions continue to impact global and Indian equities,” said Mitul Shah, head of research at Reliance Securities.
Asian stocks followed a sharp sell-off on Wall Street on Thursday as investors worried about rising global inflation, China’s zero-COVID policy and war in Ukraine, while the safe-haven dollar held most of its strong overnight gains.
MSCI’s broadest index of Asia-Pacific stocks outside Japan ended its four-day winning streak and fell 2.3%, led by a 1.6% loss for the Australian resource-rich index, a 3.3% decline in Hong Kong stocks and a 1% decline for blue chips in mainland China. The Japanese Nikkei also slipped, losing 2.5%.
On Wednesday, the Nasdaq fell almost 5% while the S&P 500 lost 4%.
-entering the Reuters Global Market
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