Wednesday, February 8, 2023

US Market Tumbles Down At 2 Years Low In One Day, Indian Market Could…

Market Today: The biggest fall was seen in the US markets yesterday in 2 years and its impact is likely to come on the Indian market including Asian markets today. In the US markets, the biggest decline has been recorded in a single day since the year 2020 in all three major indexes. The reason for this was the Consumer Price Index (CPI) data that came in the US yesterday, in which the inflation rate has come down to 6.3 percent in August. It was 5.9 per cent in July.

How much was the fall in the US markets
In the US, the Dow Jones Industrial Average closed at 31,104.97, down 1276 points, or 3.94 per cent, yesterday. The S&P 500 closed down 177.72 points, or 4.32 per cent, at 3,932.69 and the Nasdaq Composite was down 632.84 points, or 5.16 per cent, at 11,633.57.

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SGX Nifty falls by 1.5 percent, negative signs for Indian and Asian markets
The effect of the fall of yesterday’s US markets is being seen on all Asian markets including SGX Nifty today and they are trading in the red mark with a big fall. This morning SGX Nifty has come down to the level of 17807 with a weakness of 258 points or 1.58 percent, which clearly shows that the sentiment in the market is bad and the Indian markets will show gap down opening due to its impact. On the other hand, Singapore’s Strait Times 1.25 percent, Japan’s Nikkei 2.09 percent, Hong Kong’s Hang Seng 0.18 percent, Korea’s Kospi 1.70 percent and Taiwan’s markets are trading down about 2 percent.

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How was the Indian stock market closed yesterday?
In the trading of the Indian stock market yesterday, the BSE Sensex rose 451 points to 60,566 points, while the National Stock Exchange’s Nifty closed 130 points higher at 18,070 points. Although today the fall of SGX Nifty is showing that they are preparing to open in the red mark.

Fears of the Federal Reserve raising rates deepen due to rising inflation in the US
With the rise in CPI-based inflation rate in the US, the fear has deepened that the Federal Reserve will further increase its interest rates going forward, whose effect will be seen on the global markets. Apart from this, there is also concern that the period of tightening policy by the Federal Reserve may go on for a long time, due to which the slowdown in the economy may deepen.

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There is also a decline in cryptocurrencies
The cryptocurrency market is also seeing the effect of the decline of US markets and trading is going on with weakness in major cryptos. After a decline of 8.72 percent in bitcoin, trade is being seen at 20,300. Ethereum is down 6.69 percent and it is running at 1581.78. The tether also has a red mark on it. BNB is down 4.20 percent and XRP 5.99 percent is being recorded.

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