Sensex, smart ready for the bottom opening


(RTTNews) – Indian stocks are expected to open sharply lower on Monday, following weak global indices as investors look to the ECB, Federal Reserve and Bank of England meetings this week to clarify the outlook for reduction as well as interest rate schedules.

Metals inventories could succumb to strong selling pressure after iron ore prices fell below for the first time in over a year.

The benchmarks Sensex and Nifty rose about 1% last week after the government announced a back-up plan for the telecommunications sector and paved the way for a major bad debt cleanup in the banking system.

Asian stocks fell this morning as markets in Japan, China and South Korea were closed for the holidays. Hong Kong’s Hang Seng Index fell nearly 4% to an 11-month low as investors worried about the fate of Chinese real estate giant Evergrande.

The dollar hovered near a one-month high, shaking the appeal of the bullion. Oil extended its losses from Friday after the number of drilling rigs in the United States increased.

U.S. stocks fell on Friday as uncertainties over COVID-19, disappointing data on consumer sentiment and the growing likelihood of a corporate tax hike rocked sentiment.

The Dow Jones fell half a percent, while the Nasdaq Composite and the S&P 500 both lost around 0.9%.

European stocks also ended lower on Friday, with China’s regulatory crackdown and signs of slowing global growth weighing on markets.

The pan-European Stoxx 600 lost 0.9%. The German DAX fell 1%, the French CAC 40 index fell 0.8% and the UK FTSE 100 fell 0.9%.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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