China’s Covid trajectory and global cues are expected to guide Indian markets in the first week of 2023.
India’s current account deficit, widened to a record; rupee movement and crude prices are likely to have a bearing on stocks as markets open on Jan. 2. Foreign portfolio flows will also be in focus.
U.S. stocks fell on the last trading day of 2022 on Friday, closing out the worst year in more than a decade for global equities and bonds. The S&P 500 fell 0.3%, while the Nasdaq 100 declined 0.1%. The dollar extended its slide, with the Bloomberg Dollar Spot Index falling to a six-month low.
Overseas investors in Indian equities ended the year as net sellers for the sixth day in a row. On Friday, foreign portfolio investors offloaded equities worth Rs 2,950.9 crore, while domestic institutional investors remained net buyers for the 18th day in a row and mopped up stocks worth Rs 2,266.2 crore, according to NSE data.
The local currency, rupee closed with gains of 8 paise at 82.74 on Friday.
The BSE Sensex fell 0.48% or 293.14 points on Friday to close at 60,840.74, while the Nifty 50 ended at 18,105.30, falling 85.70 points or 0.47%.
At 5:58 a.m., the Singapore-traded SGX Nifty, an early indicator of India’s benchmark Nifty 50, fell 0.43% to 18,145.
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