Snapping 4-day losses, Indian stock indices open with minor gains
Jul 15, 2022
New Delhi [India], July 15 : Snapping a four-day losing streak, Indian stock indices opened with minor gains on Thursday.
Domestic stock markets have been going through a rough patch due to various unfavorable fundamentals ranging from a consistent devaluation of the rupee, rising current account deficit, selling-off by foreign investors, and fears of a possible global recession, among others.
At 9.32 a.m., Sensex was at 53,575.86 points, up 159.71 points or 0.30 per cent, whereas Nifty was at 15,988.00 points, up 49.35 points or 0.31 per cent.
Among the Nifty 50 companies, 36 were trading in the green.
"Globally equity markets are likely to remain turbulent till the US Fed meeting on July 27. The most likely policy action by the Fed would be a 75 basis points rate hike by the Fed but even a 100 basis points hike cannot be ruled out after the red hot June inflation print of 9.1 per cent," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The widening of the current account deficit has depreciated the Indian rupee against the US dollar by 6 per cent since January of 2022 and is on the brink of touching the 80 mark.
Considering the macroeconomic backdrop, the Indian rupee has its eyes set on the 81 to the dollar mark in the near term, said Sugandha Sachdeva, Vice President - Commodity and Currency Research, Religare Broking, adding that the ECB meeting lined up next week will provide further cues about the rupee-dollar exchange rate.
