Stock Market today: Nifty, Sensex open lower – Crypto News – Crypto News
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Stock Market today: Nifty, Sensex open lower – Crypto News

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  • India’s Nifty and Sensex opened Tuesday on the wrong footing.
  • Nifty and Sensex fell on Monday on a rush for profit-taking and cautious trends in global markets.
  • Nifty and Sensex traders wait for the US inflation data for fresh trading impetus.

The Sensex 30 and Nifty 50, India’s key benchmark indices, opened Tuesday on a negative note, taking the lead from the cautious trading on its Asian counterparts.

At the time of writing, the National Stock Exchange (NSE) Nifty 50 index is attempting a recovery, up 0.10% on the day to trade at 21,638.70. The Bombay Stock Exchange (BSE) Sensex 30 is following suit, rising 0.18% to 71,198.22.

Stock market news

  • Heavyweight banks, metals and mining companies were the main laggards while pharma and technology sectors helped cap the downside on Monday.
  • Major gainers included Dr. Reddy’s laboratories (3.41%), Apollo Hospitals (2.80%), Wipro (2.52%), Divis laboratories (2.29%), HCl technologies (2.41%).
  • Major losers included Coal India (-4.76%), Hero Motocorp (-4.37%), Bharat Petroleum Corporation (-3.32%), Oil and Natural Gas Corporation (-3.25%), IndusInd Bank (-2.56%).
  • The Initial Public Offer (IPO) of Alpex Solar Limited received an overwhelming response from the investors as it recorded 303 times subscriptions till the final day of bidding.
  • Rush for profit taking and mixed trends in global markets could be attributed as key factors behind the recent correction in Nifty and Sensex.
  • The Indian markets have extended their lead to the highest ever over Hong Kong when it comes to daily trading volumes. While India’s benchmark Nifty was up 22% in the past year, Hong Kong’s Hang Seng eroded nearly 25%.
  • On Monday, India’s Consumer Price Index (CPI) Inflation declined to a three-month low of 5.1% in January but remains within the Reserve Bank of India’s (RBI) tolerance band of 4 (+/- 2)% for the fifth straight month.
  • The Lunar New Year holidays in China and some of the major Asian markets could keep the liquidity thin around the Indian indices. However, traders look forward to Tuesday’s US CPI inflation report and Wednesday’s Wholesale Price Index (WPI) release from India for fresh trading impetus.
  • US CPI data is likely to have a significant influence on the US Federal Reserve (Fed) interest rate path, setting the tone for global markets in the coming days.

Economic Indicator

United States Consumer Price Index (YoY)

Inflationary or deflationary tendencies are measured by periodically summing the prices of a basket of representative goods and services and presenting the data as The Consumer Price Index (CPI). CPI data is compiled on a monthly basis and released by the US Department of Labor Statistics. The YoY reading compares the prices of goods in the reference month to the same month a year earlier.The CPI is a key indicator to measure inflation and changes in purchasing trends. Generally speaking, a high reading is seen as bullish for the US Dollar (USD), while a low reading is seen as bearish.

Read more.

Next release: 02/13/2024 13:30:00 GMT

Frequency: Monthly

Source: US Bureau of Labor Statistics

The US Federal Reserve has a dual mandate of maintaining price stability and maximum employment. According to such mandate, inflation should be at around 2% YoY and has become the weakest pillar of the central bank’s directive ever since the world suffered a pandemic, which extends to these days. Price pressures keep rising amid supply-chain issues and bottlenecks, with the Consumer Price Index (CPI) hanging at multi-decade highs. The Fed has already taken measures to tame inflation and is expected to maintain an aggressive stance in the foreseeable future.

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