Indian equity benchmarks fell for the fifth day in a row on Monday, with Asian stock and currency trade uneven as concerns over China’s ability to adjust after abandoning its Covid Zero policy dampened desire for risk-taking.
With several markets closed for holidays, the 30-share BSE Sensex index slid 31.3 points to 59,813.99, and the broader NSE Nifty-50 index opened in the red on cautious trading and decreased liquidity.
As investors examined statistics indicating that US inflation is continuing to fall and that the Federal Reserve’s rate hikes are having the expected impact, Wall Street ended Friday’s session with gains.
Asian markets benefited somewhat from this, but the S&P 500 and the tech-heavy Nasdaq 100 both lost for the third week in a row.
The year 2022 has been the worst year for world markets in more than ten years. Following a two-year liquidity-fueled bull run, global stocks faced many reckonings in 2022 as Russia marched into Ukraine, the US Federal Reserve unleashed all guns blazing in its campaign against inflation, and a disaster overtook global financial markets.
Despite this, the Sensex has outperformed its counterparts in a difficult year, with domestic investors backing the index through crisis after crisis this year.
