Benchmark Indian indices may see a tepid smart on Wednesday. The SGX Nifty was trading 0.07% higher at 07:30 AM. On Tuesday, the Sensex fell 567.98 points, or 1.02%, to close at 55,107.34, while Nifty50 declined 153.20 points to end at 16,416.35.
Asian stocks witnesses rose after gains in US equities and as a pullback in bond yields provided some respite for investors fretting that higher rates will slow down growth.
According to reports – An MSCI Inc. gauge of Asia-Pacific shares advanced led by Hong Kong and Japan. China was little changed. US futures slipped after the S&P 500 wiped out last week’s losses with back-to-back advances and the tech-heavy Nasdaq 100 also climbed.
Bloomberg Commodity Spot Index tracks prices for raw materials, is at a record high today.
“Figuring out the direction over the next couple of months becomes increasingly difficult,” Kate Moore, head of thematic strategy for global allocation at BlackRock Inc., said on Bloomberg Television. “There seems to be across all of the investing segments a lack of strong conviction in the direction of the market. We are going to see a lot more investors remain on the sidelines, remain cautiously positioned.”
“Retail investors have come in a big way that they seem to act like shock absorbers… if FPIs went away, our markets did not really have to show their ups and downs in a very distinct way because small investors in the country have come in a big way,” Finance Minister Nirmala Sitharaman said.
The GDP growth compares to an 8.7 per cent expansion in the previous 2021-22 fiscal.
“In India, growth is forecast to edge down to 7.5 percent in the fiscal year 2022/23, with headwinds from rising inflation, supply chain disruptions, and geopolitical tensions offsetting buoyancy in the recovery of services consumption from the pandemic,” the World Bank said in its latest issue of the Global Economic Prospects.
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