The benchmark stock market indices opened lowere on February 11. At 09:16 AM, the Sensex was down 636.93 points or 1.08 percent at 58,289.10. The broader Nifty was down 194.10 points or 1.10 percent at 17,411.70. About 547 shares have advanced, 1426 shares declined, and 93 shares are unchanged.
Among major Nifty losers were Infosys, Hero MotoCorp, Wipro, Tech Mahindra and HDFC.
Nifty rose on Thursday but the advance decline ratio fell to almost equal, suggesting that the broader market is refusing to participate in the same measure and the current rally may be running out of steam. The higher than expected US inflation number could act as a headwind for the global markets. Nifty could face resistance at 17,706 while 17,427 could offer support in the near term.
Asian stock trade lower
Stocks were largely lower in Asia Friday after Treasuries and Wall Street shares sank on a jump in US inflation to a fresh four-decade high that stirred hawkish comments from a Federal Reserve official.
MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.76 percent, with most markets in the red, though a resurgence in property stocks helped greater China markets. Japanese markets were closed for a holiday. An index tracking Hong Kong listed mainland property firms rose 2 percentand one tracking onshore Chinese real estate gained 1 percent after a media report that China will allow real estate firms easier access to presale proceeds from residential projects, loosening a liquidity squeeze on the sector.
US stocks close lower
US stock indexes finished near session lows Thursday, after a day of volatile trading, as investors assessed a hotter-than-expected January consumer-price index report that underlined expectations for the Federal Reserve to respond aggressively to persistent inflation running at a four-decade high.
Major global stock indexes fell on Thursday under pressure from crucial US inflation data, falling technology shares and rising benchmark bond yields.
The US rate of inflation climbed again in January to 7.5 percent and stayed at a 40-year high, suggesting upward pressure on consumer prices is unlikely to relent soon and putting more pressure on the Federal Reserve to act. The consumer price index rose 0.6 percent in the first month of the new year, driven by big advances in rent, food and energy. The increase exceeded Wall Street’s forecast of a 0.4 percent gain. The 7.5 percent surge in the cost of living in the past 12 months is the biggest since February 1982.
The US Fed may have to act swiftly and aggressively to make sure inflation doesn’t get any worse. St Louis Fed Chair James Bullard said the central bank should hike rates by 100 basis points over the next three meetings. He raised the possibility of considering a move in between scheduled policy reviews.
US treasury yields jumped about 10 basis points Thursday, with the 10-year Treasury note topping the 2 percent threshold for the first time since 2019, trading at 2.028 percent in afternoon action.
Oil prices ease
Oil prices eased early on Friday as hot US inflation fanned worries about aggressive interest rate hikes and as investors awaited the outcome of US-Iran talks that could lead to increased global crude supply.
Results today
ONGC, Divis Labs, Ashok Leyland, Motherson Sumi Systems, Oil India, India Cements, Allcargo Logistics, Anupam Rasayan, Apollo Hospitals Enterprise, Arvind Fashions, Bajaj Hindusthan Sugar, Balaji Telefilms, Mrs Bectors Food Specialities, Brookfield India Real Estate Trust REIT, Dhanlaxmi Bank, Force Motors, Fortis Healthcare, Glenmark Pharmaceuticals, Godrej Industries, Honeywell Automation, HUDCO, Indigo Paints, Inox Wind, Jaiprakash Power Ventures, Kalpataru Power Transmission, Mazagon Dock Shipbuilders, Metropolis Healthcare, MOIL, Nazara Technologies, NHPC, Power Finance Corporation, Puravankara, RateGain Travel Technologies, Shree Renuka Sugars, Sapphire Foods, Shriram EPC, Sobha, Star Health and Allied Insurance Company, Ujjivan Financial Services, Voltas, and VA Tech Wabag.
Stocks under F&O ban
Three stocks – BHEL, Punjab National Bank and SAIL – are under the F&O ban for February 11.
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