Stock market today, stock market updates: The benchmark stock indexes on the Bahrain Stock Exchange and the National Stock Exchange (NSE) opened lower by about 2 percent on Thursday, tracking the decline in global markets.
At 9:15 am, the S&P BSE Sensex was down 984.24 points (1.82 percent) at 53,221.29 while the Nifty 50 was down at 15,946.35, down 293.95 points (1.81 percent).
All shares on the Sensex package were trading in the red during early trading. Tech Mahindra, Bajaj Finserv, Wipro, Infosys, Tata Steel and Bajaj Finance were the biggest losers in the early deals.
Rupee all-time lows, Fed tightening policy and continued FPI selling are likely to have economic repercussions in the near term. Rising inflationary pressure has forced the Federal Reserve and other central banks around the world to start raising interest rates in the coming months, which in turn has led investors to believe that an economic recession is looming. India is apprehensive, as weak rupee and impending interest rate hike point to operating and profit margins hit. However, the Indian economy is going strong, mainly due to the positive momentum of corporate earnings. Globally, the Russian-Ukrainian crisis and supply chain disruptions continue to affect global and Indian stocks. “
Asian stocks tracked a sharp sell-off on Wall Street on Thursday, as investors worried about rising global inflation, the COVID-free China policy and the Ukraine war, while the safe-haven dollar held most of its strong gains overnight.
MSCI’s broadest index of Asia-Pacific shares outside Japan broke its four-day winning streak and tumbled 2.3 percent, weighed down by a 1.6 percent loss for the resource-heavy Australia index, a 3.3 percent drop in Hong Kong shares and a 1% decline for majors in China. Continental. Japan’s Nikkei also slipped, losing 2.5 percent.
On Wednesday, the Nasdaq fell nearly 5 percent while the Standard & Poor’s 500 lost 4 percent.
Global market input from Reuters