Indian shares look set to open on a cautious note Wednesday, with weak global cues, concerns over rising oil prices and disappointing GDP data likely to weigh on investor sentiment at open as trading resumes after a holiday the previous day on account of Mahashivratri festival.
Preliminary estimates from the statistics ministry showed 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.
Meanwhile, the much-awaited initial public offering of state-run insurance giant Life Insurance Corporation of India (LIC) is likely to be pushed to the next financial year amid global market rout.
Asian markets slipped this morning as global sanctions against Moscow tighten. Gold slipped on a firmer dollar while oil continued to surge after reaching to their highest since 2014 the previous day.
U.S. stocks fell sharply overnight and bonds rallied, as Russian forces stepped up attacks on Ukraine and oil topped $105 a barrel, adding to concerns surrounding inflation and growth.
The Dow lost 1.8 percent, while the S&P 500 and the tech-heavy Nasdaq Composite both shed around 1.6 percent.
European stocks slumped on Tuesday amid concerns that the Ukraine-Russia conflict could exacerbate inflation and suppress growth.
The pan European Stoxx 600 declined 2.4 percent. The German DAX plunged 3.9 percent, France’s CAC 40 plummeted 3.9 percent and the U.K.’s FTSE 100 gave up 1.7 percent.
Sensex, Nifty Seen Opening On Cautious Note
2022-03-02 02:57:13
