Finance
Stock Market Updates: The Sensex and Nifty recovered much of their morning losses in the second half and finished modestly higher.
Most sectors ended lower, with Metal and Auto leading the way down, while Media and IT ended higher.
The wholesale price index in India declined 1.36% year on year in July, but the drop was smaller than predicted due to increasing food and commodity prices.
Asian markets fell sharply on Monday, driven down by dips in US technology companies and fears over China’s property sector.
Country Garden led the losers in Hong Kong, where shares fell more than 1%, after it skipped bond payments and warned of multibillion-dollar losses, escalating fears about China’s massively leveraged real estate sector.
Stock market today: Wall Street ends mixed, closing out another losing week
A choppy day of trading on Wall Street ended Friday with an uneven finish for the major stock indexes, as mixed economic data stoked worries that the Federal Reserve’s work on bringing inflation to heel isn’t done.
The S&P 500 slipped 0.1% after wavering between small gains and losses most of the day. The benchmark index fell 0.3% for the week, its second consecutive losing week.
The Nasdaq composite fell 0.7%, reflecting a pullback in big tech companies. The Dow Jones Industrial Average eked out a 0.3% gain.
Stocks lost ground in the early going after the Labor Department reported Friday that its producer price index, which measures inflation before it hits consumers, rose 0.8% last month from July 2022. The latest figure followed a 0.2% year-over-year increase in June, which had been the smallest annual rise since August 2020.
While modest, the increase in wholesale prices last month could help persuade the Federal Reserve that more rate increases are necessary to lower inflation to 2%, the central bank’s goal.
Source: Mint
