• Tue. Feb 27th, 2024
Sensex, Nifty Reliance, Kotak Bank drag;  Power Finance Corporation hits record high

Shares in Asia were mixed at the start of a week filled with central bank policy decisions, while Chinese investors continued to hold out for signs of further support.

Equities advanced in Japan after a report late Friday that Bank of Japan officials did not need to address the side effects of their ultra-loose monetary policy. Hong Kong and China shares fell, while Australia’s index was little changed.

Contracts for U.S. stocks were mostly flat in Asia on Monday after the S&P 500 closed lower on Friday, and the Nasdaq 100 continued its selloff in technology companies following disappointing results earlier in the week.

Meanwhile, Brent crude was at $80 per barrel and West Texas Intermediate was at $76. The 10-year US bond yield was trading at 3.84%, while Bitcoin was above $30,000.

At 8:15 am, the GIFT Nifty, an early indicator of India’s Nifty 50 index performance, was down 0.14% or 28.5 points at 19,738.

On the other side of the globe, Indian benchmark indices ended lower after six days of positive rally. The S&P BSE Sensex closed down 887.64 points, or 1.31 percent, at 66,684.26, while the NSE Nifty 50 closed down 235.75 points, or 1.18 percent, at 19,743.40. The local currency gained three paise to close at Rs 81.96 against the US dollar on Friday.

Foreign investors in Indian stocks turned into net sellers on Friday. Foreign portfolio investors offloaded stocks worth Rs 1,998.8 crore, while domestic institutional investors turned net buyers and added stocks worth Rs 1,290.7 crore.

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