The benchmark equity indices opened Monday’s trading session gap-down. The NSE Nifty 50 opened 221.20 points or 0.94% lower at 23,210.30, while the BSE Sensex jumped 712.94 points or 0.92% to open at 76,665.97.
Analysts expect that the better US jobs data dented hopes for an early interest rate cut this year by the US Federal Reserve. Plus the higher crude oil prices hit a 3-month high due to US sanctions on Russia.
The GIFT Nifty indicated a lower opening for the stocks. The GIFT Nifty was down 70 points or 0.30% at 23,257. BPCL, Power Grid Corp, Trent, Adani Ports, and Adani Enterprises were the major losers in the Nifty 50. IndusInd Bank was the only gainer in the Nifty 50.
Also Read South Western Railway announces partial cancellation, diversion of trains for track maintenance Poco F7, F7 Pro quick review: Limitless value?
Bank Nifty index opened 457.40 points or 0.94% lower to trade at 48,276.75. The Nifty Midcap 100 declined 780.50 points, or 1.43%, to open at 53,805.25.
“The blowout jobs data from the US with 2.56 lakh job creation in December against expectations of 1.65 lakhs means the rate cut expectations in 2025 is now down to one,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services before the markets open. With the unemployment in the US down to 4.1% the economy doesn’t need any stimulus. This good economic news is turning out to be bad news for markets which were discounting many rate cuts this year, added Vijayakumar.
» Read More
