Stock Market LIVE: Indices turn flat; PSU Bank gains; FMCG, Metal lag
By The livemint
Shares began the year mixed, with European benchmarks ending higher on Monday after a lacklustre session for the few Asian markets not closed for the New Year holidays.
The impact of China removing strict COVID-19 policies that crimped production for raw materials and goods and discouraged travel will have on the global economy remains uncertain.
PSU Bank continues its upward journey as it jumps a per cent with all stocks in green
Gold prices in India today jump to highest in over 2 years
Gold prices in India rose to over two-year highs, tracking firm global rates.
On MCX, gold futures were up 0.6% to ₹55,546 per 10 gram while silver jumped 1.4% to ₹70,573 per kg. Gold hit record highs of ₹56,200 in August 2020.
In global markets, gold jumped to a six-month high with the dollar index remaining steady.
Weakness in the US dollar makes greenback-priced bullion more attractive for overseas buyers.
Spot gold was up 0.8% at $1,838.69 per ounce while spot silver rose 1.1% to $24.25
HDFC Life Insurance jumps at early trading by 1.5%; leads the stock charts
Geojit Financial Services on today’s market: Corrections in the market caused by FII selling and bear hammering may be used to slowly accumulate high-quality stocks
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: The major factor weighing on equity markets is the global economic slowdown expected this year.
The Chinese PMI data for December at 47 indicates sharp deceleration of the Chinese economy and reinforces the global slowdown theme.
Though this is a near-term negative for global equity markets, India is likely to shrug off this negative news since India’s economic outperformance is expected to continue.
Corrections in the market caused by FII selling and bear hammering may be used to slowly accumulate high-quality stocks in banking, capital goods, telecom and construction-related segments.
Fixed income assets like debt funds are safe and attractive now.
