Finance
Share Market Highlights: The Sensex and Nifty recovered spectacularly from 0.5% below to close approximately 0.2% higher on Wednesday. Bank, Realty, and Finance indexes fell, while Metal, Media, and Auto finished up.
The RBI’s monetary policy committee (MPC) is meeting for three days to decide on India’s short-term monetary policy. On Thursday, RBI Governor Shaktikanta Das will disclose the outcome of the meeting.
“The MPC is likely to hold the rates and maintain the stance,” says Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, “but the tone is likely to be hawkish because inflation is high and expected to rise in July.” In India, macro dynamics show remarkable loan growth and growing capex.”
Equities in Asia were mostly subdued as investors digested data showing the world’s second-largest economy had fallen into deflation
Wall Street dips on Tuesday as markets fall worldwide on worries about banks, economy
Wall Street slipped Tuesday as worries about the banking system and the global economy forced more caution into financial markets worldwide.
The S&P 500 fell 19.06, or 0.4%, to 4,499.38 and at one point was down nearly triple that. It was the fifth loss in the last six days for the index after it rocketed through the year’s first seven months.
The Dow Jones Industrial Average fell 158.64, or 0.4%, to 35,314.49 after paring an earlier loss of 465 points. The Nasdaq composite lost 110.07, or 0.8%, to 13,884.32.
In the U.S., bank stocks fell after Moody’s cut the credit ratings for 10 smaller and midsized ones. It cited a list of concerns about their financial strength, from the effects of higher interest rates to the work-from-home trend that’s leaving office buildings vacant.
Across the Pacific, stocks sank after a report showed exports for China’s troubled economy shrank by the most since the start of the pandemic in 2020. And in Europe, bank stocks dropped after Italy’s Cabinet approved a proposal to tax a chunk of their profits this year.
The worries layered on top of a mixed set of earnings reports from big U.S. companies. (AP)
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Source:Mint
