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Weak start for Indian stock market; Sensex at 57,783.06 points; Nifty at 17,144.35 points

New Delhi: Indian stock indices fell marginally in early trade on Monday following weak global cues mainly from US markets. The global market declined due to persistently high inflation and the subsequent monetary policy tightening. Sensex traded at 57,783.06 points, down 136.91 points or 0.24 per cent, whereas Nifty traded at 17,144.35 points, down 41.35 […]

Edited By : News24 Desk | Updated: Oct 18, 2022 11:46 IST
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New Delhi: Indian stock indices fell marginally in early trade on Monday following weak global cues mainly from US markets. The global market declined due to persistently high inflation and the subsequent monetary policy tightening.

Sensex traded at 57,783.06 points, down 136.91 points or 0.24 per cent, whereas Nifty traded at 17,144.35 points, down 41.35 points or 0.24 per cent.

Major shares drop:

“Stocks turned lower after a closely-watched survey showed consumer inflation expectations were on the rise, while investors also weighed results from big Wall Street banks as earnings reporting season gets underway. For the week, the Dow rose 1.2%, while the S&P 500 fell 1.6% and the Nasdaq dropped 3.1%,” HDFC Securities remarked about the US markets.

Also Read: Rupee is not sliding, dollar is strengthening incessantly, says Sitharaman

For the record, the US annual inflation rate slowed for the third consecutive month to 8.2 per cent in September 2022, which is the lowest in seven months, as compared to 8.3 per cent in August.

Investment strategists said Rallies triggered by market positioning will be temporary because there won’t be any follow-on fundamental support for the rally. This trend played out in the US market last Friday with sharp cuts in major indices

There are no major triggers to take the mother market much higher at least in the near term. There are no major triggers for a crash also since almost all negative factors are known to the market. Such an uncertain scenario provides opportunities for long-term investors to slowly accumulate high quality stocks showing improving prospects.

Also Read: Govt working to bring down inflation below 6%, says Finance Minster

Regarding inflation in India, according to government data issued on Friday, wholesale price index-based inflation decreased to 10.7% in September from 12.41 in August. Inflation based on the Whole Price Index (WPI) has stayed in double digits for the 18th consecutive month notwithstanding the drop.

India’s retail inflation remained above the Reserve Bank of India’s mandated range of 2-6 per cent for the third quarter. The Consumer Price Index (CPI) based inflation rose to 7.41 per cent in September from 7 per cent in the previous month.

Read More :- Latest Business News

First published on: Oct 17, 2022 11:24 AM IST

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