Sensex, Nifty Set To Fall; HDFC Bank, Bajaj Auto, Shree Cement, Dmart, Axis Bank In Focus
Asian equities fell but major currencies appreciated against the dollar in a cautious opening to the week, tracking further weakness on Wall Street and a defiant message to the world from China’s Communist Party congress.
Stocks declined in Japan, Australia, and South Korea. Futures for Hong Kong, too, fell. Contracts for the S&P 500 and Nasdaq 100 rose after tumbling on Friday when Treasury yields climbed as year-ahead inflation expectations increased. US yields fell slightly during the opening trade in Asia.
At 6:35 a.m., the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — fell 0.96% to 17,047.50.
Chinese President Xi Jinping said the country’s global power had increased while warning of “dangerous storms” ahead. There were few signs of any let up in the Covid-Zero campaign or housing market policies that are weighing on the economy. Xi also said China would prevail in its fight to develop strategically important technology, amid rising tension with the U.S.
Oil clawed back some of its losses after a weekly slump as fears over an economic slowdown continued to weigh on the outlook for demand. Gold was little changed