Sensex, Nifty two edge lower on weak global cues


(RTTNews) – Indian shares declined on Wednesday amid weak global cues and reports of delayed monsoon this year.

Continued buying by FIIs and fall in oil prices may help limit the losses to some extent as the session progresses.

On the earnings front, Bharti Airtel beat estimates with a 50 per cent rise in fourth-quarter net profit and Indian Oil Corp’s quarterly profit jumped 55 per cent on a rise in gross refining margin, while Jindal Steel & Co. Power registered a drop of about 70 percent. Its consolidated net profit for the March quarter.

Benchmark indices Sensex and Nifty fell 0.7 per cent and 0.6 per cent respectively on Tuesday, while the rupee rebounded from a six-week low to settle at 82.2050 against the dollar.

Asian markets were mostly trading lower this morning and China’s offshore yuan weakened to $7 a dollar for the first time in five months, on signs that China’s post-Covid recovery was losing steam.

Gold edged up slightly, while oil extended losses on data showing an unexpected rise in US crude stocks.

US stocks closed overnight on a gloomy Home Depot forecast, mixed economic data and concerns over the debt ceiling.

Separate reports showed lower-than-expected growth in retail sales and an unexpected increase in industrial production.

The Dow fell 1 percent as the Treasury Department warned it could run out of cash by June 1 without a deal. The S&P 500 shed 0.6 percent and the tech-heavy Nasdaq Composite shed 0.2 percent.

European shares closed lower on Tuesday as investors digested mixed Chinese and eurozone data and awaited progress in US debt ceiling talks.

The pan European STOXX 600 dropped 0.4 percent. German DAX lost 0.1 percent, France’s CAC 40 lost 0.2 percent and Britain’s FTSE 100 lost 0.3 percent.

The views and opinions expressed here are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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