Sensex and Nifty scaled back towards the end but registered all-time highs as Sensex crossed the 69,000 mark and Nifty topped the 19,000 mark in today's session.
Discussing the reason for today's market's performance, Jaykrishna Gandhi, Head - Business Development, Institutional Equities, Emkay Global Financial Services said, "There might be another rate hike, but increasingly the odds of recession are reducing making way for a soft landing. This is reflected in the market buoyancy, which eases concerns on the EMs. Crude prices have remained stable to weak despite the Russian coup attempt, weaker crude prices are largely driven by poor China macro as compared to global health being questioned."
The moves in the local indexes contrasted with a mixed mood in Asian peers, where global growth concerns overshadowed upbeat U.S. economic news.
Tokyo rallied in the second half to end with good gains, while Seoul, Hong Kong and Shanghai ended in the flat-to-red zone. European markets are trading in positive territory. The US markets ended significantly higher on Tuesday.
No comments:
Post a Comment