Sensex Drops 200 pts At Open, Nifty Tests 18,600; Key Points

Last Updated: December 06, 2022, 09:18 IST

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Sensex Today: The Sensex and Nifty benchmark indices opened lower on Tuesday as global stocks decline on fears of continued rate hikes by the US Fed.

Rupee Opens:

Indian rupee opened 12 paise lower at 81.91 per dollar on against previous close of 81.79.

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Mohit Nigam, Fund Manager & Head – PMS, Hem Securities, said: “Investors are waiting for the conclusion of the RBI Monetary Policy Committee meeting before making any significant movements. The conclusion of the conference will be made public on December 7. It is predicted that the Reserve Bank of India MPC would announce a rate rise of 35 basis points (bps). India’s foreign exchange reserves climbed for the third week in a row in the week ended November 25, hitting $550.14 billion. The country’s reserves were $547.25 billion during the week ending November 18. However, Indian equities managed to stage a comeback in yesterday’s session, helped along by a strong estimate on services activity.”

Global Cues

US stocks slumped overnight as a strong ISM services activity reading for November, at 56.5 per cent vs an estimate of 53.7 per cent, fueled fears that the US Fed may continue monetary tightening even amid risks of a large economic cost.

The Dow slipped 1.4 per cent, the S&P 500 1.79 per cent and the Nasdaq 1.93 per cent.

In Asia too, the Hang Seng index fell 0.48 per cent in early trade this morning. The Shanghai Composite in mainland China, and Strait times slipped up to 0.4 per cent. Nikkei held marginal gains.

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