Monday, January 17, 2022

Indian stocks ended the four-day rally as COVID-19 cases increased

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(Updates to close)

BENGALURU, Jan. 6 () – Indian stocks suspended a four-session rally on Thursday as lightning flashed in local COVID-19 cases and ruthless signals from the U.S. Federal Reserve condemned investor sentiment.

Dragged by technology and real estate equities, the blue chip Nifty 50 index ended 1% at 17,745.90 and the benchmark S&P BSE Sensex fell 1.03% to 59,601.84.

The losses concluded this week’s New Year’s rally, which helped the indexes rise 2.3% each.

India reported 90,928 new COVID-19 cases per day on Thursday, nearly four times the number since the beginning of the year, with Delhi, Mumbai and Kolkata megacities leading the figure.

Even after the Fed signaled the possibility of a faster-than-expected rise in U.S. rates and the lifting of stimulus measures, sentiment around the world weakened.

At Nifty 50, the Indian Volatility Index rose 7%, indicating the level of volatility that traders expect over the next 30 days.

Analysts point out that the increase in volatility reflects uncertainty over the impact of the Omicron option, whose increasing prevalence may also lead to some revenue bookings.

While the option did not lead to a significant jump in hospitalization, there is a growing fear of the spread to rural areas where health facilities are weaker.

Nifty’s real estate and IT index fell the most among network indexes, losing 1.5% each, while bank shares ended a sharp rally for a 0.6% decline.

Conglomerate Reliance Industries fell 2.2 percent after it said it had raised $ 4 billion in bonds.

Overcoming a broader weakness, the S&P BSE telecom index rose 1.3% to gain for the eighth session in a row. Bharti Airtel was up 1.5 per cent and Vodafone India was up 1.3 per cent.

Analysts at ICICI Securities said in a pre-earnings report that the sector will see steady earnings growth in the third quarter.

The Indian rupee fell 0.2 percent to 74.51 against the tighter dollar, but Reliance’s fall in dollar bonds limited the losses.

India’s benchmark 10-year bond yields hit their highest level since Jan. 31.

Shivani Singh’s interview in Bangalore; Edited by Aditya Soni

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