Sensex Trades Lower Tracking Weak Global Cues; IT & Energy Stocks Under Pressure

Asian share markets are trading mostly lower today with lingering worries over a US rate hike partly offset by potentially positive news on the severity of the Omicron coronavirus variant.

The Hang Seng is down 1.3% while the Shanghai Composite is up 0.4%. The Nikkei is trading lower by 0.6%.

In US stock markets, Wall Street indices fell in choppy trading on Friday, amid uncertainty around the Omicron coronavirus variant and the path of the Federal Reserve's policy tightening weighed.

November's jobs report showed slower-than-expected job creation last month. However, the unemployment rate fell sharply to 4.2%, better than estimates of 4.5%.

The Dow Jones Industrial Average fell 60 points or 0.2%. The technology-focused Nasdaq Composite dipped 1.9% or 296 points.

Back home, Indian share markets are trading lower tracking weak global cues.

The BSE Sensex is trading down by 242 points. Meanwhile, the NSE Nifty is trading lower by 65 points.

Tata Steel and L&T are among the top gainers today. Maruti Suzuki, on the other hand, is among the top losers today.

Both, the BSE Mid Cap index and the BSE Small Cap index are trading on a flat note.

Barring realty and capital goods sector, all sectoral indices are trading in red with stocks in the IT sector and energy sector witnessing most of the selling.

Shares of Vodafone Idea and La Opala RG hit their 52-week highs today.

The rupee is trading at 75.21 against the US$.

Gold prices are trading up by 0.1% at Rs 47,961 per 10 grams.

Meanwhile, silver prices are trading up by 0.3% at Rs 61,683 per kg.

Gold is steady today as market participants weighed the prospect of a faster ending to pandemic-era asset purchases by the US Federal Reserve after data suggested the labour market was rapidly tightening.

Crude oil prices rose by more than US$1 a barrel after top exporter Saudi Arabia raised prices for its crude sold to Asia and the United States, and as indirect US - Iran talks on reviving a nuclear deal appeared to hit an impasse.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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