Sensex tumbles 500 pts, Nifty around 15,700; banks, metals bleed
Benchmark Indian indices are likely to open in the red on Wednesday. The SGX Nifty was trading 1.08% lower at 07:30 am. The Sensex gained 16.17 points, or 0.03%, to close at 53,177.45 on Tuesday, while Nifty50 added 18.15 points to end at 15,850.20.
Indian indices on Wednesday may witness a negative start amid weak global cues. The indices closed flat on Tuesday due to weak global market trends and persistent foreign fund outflows. Stocks on global indexes fell sharply in the overnight session, with the S&P 500 down 2% after a report showed US consumer confidence dropped in June amid concerns about inflation, while oil prices gained for a third day. In Asia, stocks fell in Japan, Hong Kong, South Korea, Australia, and Shanghai
Stocks decline in Asia amid worries about growth
Stocks dropped in Asia on Wednesday on renewed worries about a gloomy economic outlook as monetary policy tightens in much of the world to fight high inflation.
An Asian equity index snapped a four-day climb, shedding more than 1%. US futures steadied after a tech-led tumble in the S&P 500 on Tuesday. Institutional portfolio rebalancing may be impacting trading.
China’s bourses were in the red too but the losses were relatively modest. In a surprise move, the nation Tuesday reduced quarantine times for inbound travelers. That hinted at an eventual shift away from a strategy of stamping out Covid that involves great economic cost via lockdowns and travel curbs.
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