A sell-off on the cards on weak global stocks
Published on Jun 13, 2022 08:33
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slump 312 points at the opening bell.
Industrial activity in April jumped 7.1% year on year, according to the index of industrial production (IIP) data released by the government on Friday. In comparison, industrial growth had expanded 1.9% in March. Growth in the mining sector was 7.8% in April 2022. The manufacturing sector expanded by 6.3%. Power sector showed a growth of 11.8% year on year in April 2022.
Overseas, Asian stocks tumbled on Monday as red-hot U.S. inflation reignited worries about even more aggressive Federal Reserve policy tightening, and a COVID-19 warning from Beijing added to concerns about global growth. Markets in Australia are closed on Monday for a holiday.
US stocks ended sharply lower on Friday as a steeper-than-expected rise in US consumer prices in May fuelled fears of more aggressive interest rate hikes by the Federal Reserve.
Meanwhile, the U.S. consumer price index increased a bigger-than-expected 8.6% last month, the largest year-on-year increase since December 1981, Labor Department figures showed Friday.
Back home, the domestic equity benchmarks slumped on Friday, resuming its losing run after a day`s gap. The S&P BSE Sensex, was tumbled 1,016.84 points or 1.84% to 54,303.44. The Nifty 50 index fell 276.30 points or 1.68% to 16,201.80.
Foreign portfolio investors (FPIs) sold shares worth Rs 3,973.95 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,831.07 crore in the Indian equity market on 10 June, provisional data showed.
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