Sensex, clever set for gap opening as yields rise
(RTTNews) – Indian stocks are set to fall on Friday, with IT and commodity-related stocks likely to be hit hard by a sharp rise in US Treasury yields.
Meanwhile, the initial public offering of Life Insurance Corp. of India was fully subscribed on the second day of the share sale. Bidding for the IPO will continue until May 9, 2022.
Benchmarks Sensex and the Nifty gave up early gains to end on a flat note on Thursday, while the rupee jumped 16 paise to close at 76.24 against the US dollar.
Asian markets were falling this morning and gold fell, while the dollar held near a 20-year high against a basket of currencies
Oil fell on worries about an economic slowdown and as OPEC and its allies stuck to a planned small increase in oil production.
U.S. stocks fell sharply overnight as investors worried about the Fed’s tightening measures on consumer demand and the broader economy.
The tech-heavy Nasdaq Composite plunged as much as 5% to its lowest closing level in more than a year, as the yield on the benchmark ten-year note hit its highest level in more than a year. three years. The Dow lost 3.1% and the S&P 500 lost 3.6%.
European stocks closed mostly lower on Thursday amid concerns about higher inflationary pressure as the Bank of England warned of recession risks.
The pan-European Stoxx 600 index fell 0.7%. Germany’s DAX fell half a percent and France’s CAC 40 slipped 0.4 percent while the UK’s FTSE 100 rose 0.1 percent, buoyed by a fall of the pound sterling.
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