Benchmark Indian equity indices, the BSE Sensex and Nifty 50, were subdued at the open on Monday
Benchmark Indian equity indices, the BSE Sensex and Nifty 50, opened lower on Monday.
At the opening bell, the BSE Sensex was down by 203 points, or 0.25%, at 81,505, while the Nifty 50 stood at 24,627, down 49.90 points, or 0.2%.
Anand James, Chief Market Strategist at Geojit Financial Services, commented, “The consecutive closes above 24,500, which also marks the neckline of an inverted H&S pattern, lead us to raise our medium-term target to 25,600-700, up from the 25,262 target set in late November. For today, we are cautious about chasing higher prices, as was the case on Friday. However, upswings to 24,860 could be considered if the index holds above 24,600. A failure to stay above 24,530 would raise concerns about the upside potential, although brief declines to 24,380 may be disregarded. A close below 24,150 would compel us to abandon the downside view entirely.”
Global Markets
South Korean stocks dropped more than 1% on Monday amid political uncertainty, following President Yoon Suk Yeol’s narrow escape from impeachment after briefly imposing martial law last week.
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This decline came despite a generally positive day for Asian markets, bolstered by another record on Wall Street. Traders were also awaiting a high-level economic meeting in China and monitoring developments in Syria following President Bashar al-Assad’s removal.
Japan’s Nikkei 225 gained 0.15%, while the Topix index rose 0.2%. Japan’s third-quarter GDP growth was revised up to 0.3% quarter-on-quarter, exceeding the earlier estimate of 0.2% and surpassing expectations from a Reuters poll, which had forecast no change.
The Hong Kong Hang Seng index fell 0.28%, while mainland China’s CSI 300 index rose by 0.2%. China’s consumer price growth in November was lower than expected, rising by just 0.2% year-on-year, down from a 0.3% increase in October. Economists had forecast a growth of 0.5%.
In the U.S., the Nasdaq and S&P 500 reached record closing highs on Friday. The Dow Jones Industrial Average fell 123.19 points, or 0.28%, to 44,642.52. Meanwhile, the S&P 500 rose by 15.16 points, or 0.25%, to 6,090.27, and the Nasdaq Composite gained 159.05 points, or 0.81%, to 19,859.77. The US dollar index was little changed at 105.78.
Treasuries saw a rally following the release of data on Friday. The two-year note yield decreased by 5.5 basis points to 4.092%, while 10-year benchmark yields fell 4 basis points to 4.141%.
European stocks were up by 0.3%, while the UK’s FTSE 100 ended flat.
