(RTTNews) – Indian stock exchanges remain closed today due to the Mahashivratri festival.
Benchmarks Sensex and The Nifty reversed steep initial losses to end around 0.7% and 0.8%, respectively, on Monday, while the rupee slipped 2 paise to close at 75.35 against the dollar. .
Preliminary estimates from the Statistics Ministry showed later in the day that India’s GDP growth had slowed sharply in the three months to December.
GDP rose 5.4% year-on-year after rising 8.5% in the previous three months, which was revised from 8.4%. Economists had forecast growth of 6.0%.
The growth estimate for the 2021-22 financial year has been revised down to 8.9% from 9.2% announced on December 31.
Asian markets rose this morning as investors applauded positive manufacturing and non-manufacturing PMIs from China.
A cautious undertone prevailed as Russian President Vladimir Putin announced countersanctions and the country’s central bank introduced capital controls to try to stem a slide in the rouble.
Gold prices were eyeing support around $1,900 an ounce as oil prices traded higher despite reports that the US and its allies are discussing a coordinated release of gold. about 60 million barrels of oil from their emergency stocks.
US stocks ended a highly volatile session on a mixed note overnight amid an escalating Russian-Ukrainian conflict, rising oil prices and broader inflationary pressures.
The Dow Jones fell half a percent and the S&P 500 slid 0.2% while the tech-heavy Nasdaq Composite rose 0.4%.
European stocks ended Monday at their lowest for the day as Russian and Ukrainian officials held talks near the Belarusian border.
The pan-European Stoxx 600 index ended flat with a negative bias. The German DAX lost 0.7%, the French CAC 40 index fell 1.4% and the British FTSE 100 fell 0.4%.
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