Indian stock markets remain closed today on account of Mahashivratri festival.
Benchmark indexes Sensex and the Nifty reversed steep early losses to end up around 0.7 percent and 0.8 percent, respectively on Monday while the rupee slipped 2 paise to close at 75.35 against the dollar.
Preliminary estimates from the statistics ministry showed later in the day that India’s GDP growth slowed sharply in the three months to December.
GDP grew 5.4 percent year-on-year following an 8.5 percent increase in the previous three months, which was revised from 8.4 percent. Economists had forecast 6.0 percent growth.
The growth estimate for the fiscal year 2021-22 was revised down to 8.9 percent from 9.2 percent announced on December 31.
Asian markets were moving higher this morning as investors cheered positive manufacturing and non-manufacturing PMIs from China.
A cautious undertone prevailed as Russian President Vladimir Putin announced countersanctions and the country’s central bank introduced some capital controls to try and stem a ruble plunge.
Gold prices were eyeing support around $1,900 per ounce while oil prices traded higher despite reports the U.S. and its allies are discussing a coordinated release of about 60 million barrels of oil from their emergency stockpiles.
U.S. stocks ended a highly volatile session on a mixed note overnight amid an escalation in Russia-Ukraine conflict, rising oil prices and broader inflationary pressures.
The Dow dipped half a percent and the S&P 500 slid 0.2 percent while the tech-heavy Nasdaq Composite rose 0.4 percent.
European stocks ended off their day’s lows on Monday as Russian and Ukrainian officials held talks near the Belarusian border.
The pan European Stoxx 600 ended flat with a negative bias. The German DAX shed 0.7 percent, France’s CAC 40 index fell 1.4 percent and the U.K.’s FTSE 100 eased 0.4 percent.
Market Analysis
Indian Markets Closed For Mahashivratri
2022-03-01 03:26:45
