First Published Dec 2, 2022, 9:45 AM IST
Both the BSE and the National Stock Exchange opened trading lower after a week.
International factors are not favourable, with expectations for the US Federal Reserve’s next move. Investors are eagerly awaiting the release of the US November unemployment report today. Apart from this, investors were confused by fears of a possible economic recession in the United States.
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Investors were also worried by data suggesting that US industrial activity may have slowed in November. The stance that the US Federal Bank will raise interest rates less and the speculation that it is due to the economic slowdown caused confusion in the market. A positive aspect of this is that as inflation in the United States is declining, the Federal Bank will reduce interest rate hikes in the coming months.
These factors also echoed in the Asian stock markets where trading was subdued. As the Indian stock market opened this morning, the situation continued and started to decline.
After the opening of trading was announced, the Mumbai and National Stock Exchange trading points started with a decline. The Sensex fell 298 points to trade at 62,986 points on the BSE. The Nifty was down 88 points to trade at 18,724 points on the national bourse.
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Out of 30 major companies in the BSE, only 5 companies are in profit. The other 25 bungalows are also in losses. In particular, IndusInd Bank, Reliance, TataSteel, DoctorReddy’s, ParthiAirtel are among the gainers.
Metals, media, and public sector banking stocks are the only gainers in the Nifty. Other stocks in pharmaceuticals, IT, automobiles and financial services sectors declined.
Last Updated Dec 2, 2022, 9:57 AM IST