Sensex and Nifty prepare to drift lower on weak global signals
(RTTNews) – Indian stocks are set to open lower on Tuesday, reflecting weak global signals as global growth concerns rise. IT stocks would remain in focus, with HCL Technologies set to release quarterly results later today.
Benchmarks Sensex and the Nifty ended slightly lower on Monday while the rupiah closed at a new high of 79.45 against the dollar.
Asian stocks were broadly lower this morning as risk sentiment dominated global markets amid fears that an energy crisis in Europe could tip the region into recession.
The dollar index hit its highest level since October 2002 ahead of key US inflation data due this week, while oil prices fell more than 1% on concerns over the outlook for demand fuel.
U.S. stocks fell overnight as investors awaited earnings hints, a slew of economic data and key inflation figures due this week.
The tech-heavy Nasdaq Composite fell 2.3% to end a five-day winning streak as Tesla CEO Elon Musk sought to end his Twitter deal. The S&P 500 lost 1.2% and the Dow Jones lost 0.5%.
European stocks fell for the first time in three days on Monday as concerns over an energy supply crisis and new Covid-19 restrictions in China weighed on sentiment.
The pan-European Stoxx 600 index fell half a percent. Germany’s DAX fell 1.4% and France’s CAC 40 index fell 0.6% while Britain’s FTSE 100 ended on a flat note.
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