AgenciesTaking a breather after an eight-session-long rally, domestic equity market opened lower on Friday as traders booked profits at higher levels and amid weak global market sentiments. BSE Sensex opened 305 points or 0.48% lower at 62,979 while Nifty 50 opened 60 points or 0.32% lower at 18,752.
Among Sensex stocks, , , TCS, , and were the top losers, falling around 1-2%. , , HUL, , L&T and M&M also opened lower.
On the other hand , , Dr Reddy’s Lab, , , and opened with gains.
Sectorally, Nifty Auto fell 0.63% while Nifty Financial Services declined 0.55%. Nifty FMCG and Nifty Bank also opened lower. Whereas, in the broader market, Nifty Midcap50 increased 0.08% while Smallcap50 advanced 0.18%.
“A major market positive that has helped equity markets globally during the last several days has been the steady decline in the dollar index and US bond yields. This trend continues. The dollar index is now below 105 and the US 10- year bond yield is around 3.43%,” V K Vijayakumar, Chief Investment Strategist at said.
“Another important data is the declining manufacturing activity in the US in November. This negative economic news is paradoxically positive news from the market perspective since it indicates that the US economy is responding to the monetary tightening by the Fed. So, US inflation is likely to decline further enabling the Fed to slow down rate increases and perhaps pause in Q1 of 2023. This is market positive,” Vijayakumar added.
US Stocks ended mixed on Thursday after an uneven day of trading and bond yields plunged broadly. Dow Jones dropped 0.56%, S&P 500 fell .09% while Nasdaq surged 0.13%.
In early trade in Asian markets, Japan’s Nikkei 225 decreased 1.83%, South Korea’s Kospi fell 1.45% and China’s Shanghai Composite declined 0.34%.
The Indian rupee depreciated 0.10% to 81.13 against the US dollar in early trade on Friday. Meanwhile, the dollar index, which tracks the movement of the greenback against a basket of six major world currencies, decreased 0.02% to 104.7 level.
Brent crude February futures increased 0.17% to $87.03 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were trading flat at $81.20 a barrel.
Among Sensex stocks, , , TCS, , and were the top losers, falling around 1-2%. , , HUL, , L&T and M&M also opened lower.
On the other hand , , Dr Reddy’s Lab, , , and opened with gains.
Sectorally, Nifty Auto fell 0.63% while Nifty Financial Services declined 0.55%. Nifty FMCG and Nifty Bank also opened lower. Whereas, in the broader market, Nifty Midcap50 increased 0.08% while Smallcap50 advanced 0.18%.
“A major market positive that has helped equity markets globally during the last several days has been the steady decline in the dollar index and US bond yields. This trend continues. The dollar index is now below 105 and the US 10- year bond yield is around 3.43%,” V K Vijayakumar, Chief Investment Strategist at said.
“Another important data is the declining manufacturing activity in the US in November. This negative economic news is paradoxically positive news from the market perspective since it indicates that the US economy is responding to the monetary tightening by the Fed. So, US inflation is likely to decline further enabling the Fed to slow down rate increases and perhaps pause in Q1 of 2023. This is market positive,” Vijayakumar added.
US Stocks ended mixed on Thursday after an uneven day of trading and bond yields plunged broadly. Dow Jones dropped 0.56%, S&P 500 fell .09% while Nasdaq surged 0.13%.
In early trade in Asian markets, Japan’s Nikkei 225 decreased 1.83%, South Korea’s Kospi fell 1.45% and China’s Shanghai Composite declined 0.34%.
The Indian rupee depreciated 0.10% to 81.13 against the US dollar in early trade on Friday. Meanwhile, the dollar index, which tracks the movement of the greenback against a basket of six major world currencies, decreased 0.02% to 104.7 level.
Brent crude February futures increased 0.17% to $87.03 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were trading flat at $81.20 a barrel.
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