Indian Indexes Fall, Asian Markets Retreat, Oil Rises Amid Geopolitical Tensions

Indian Indexes Fall, Asian Markets Retreat, Oil Rises Amid Geopolitical Tensions

VoM News Desk | January 2, 2024 | 02:34 PM IST | Breaking News | Follow on Google News

Indian Indexes Fall, Asian Markets Retreat, Oil Rises Amid Geopolitical Tensions/ANI

Indian Indexes Fall, Asian Markets Retreat, Oil Rises Amid Geopolitical Tensions

On Tuesday, India’s benchmark indexes experienced a decline, driven by decreases in auto, financial, and information technology stocks, primarily at levels near record highs. At 2 pm, the Sensex plummeted by 500.96 points to 71,770.98, while the Nifty dropped 111.40 points to 21,630.50.

In Asian markets, slight downtrends were observed, partly influenced by varied economic data from China. Wall Street remained closed on Monday for the New Year holiday.

The S&P 500’s colossal surge of over $8 trillion last year exhibited signs of potential fatigue, despite marking its ninth consecutive week of gains. Traders, previously apprehensive about Federal Reserve uncertainties and geopolitical risks, found themselves chasing the rally, overcoming initial concerns regarding a possible recession.

China’s private-sector survey revealed an accelerated expansion in December’s factory activity, attributed to increased output and new orders. However, subdued business confidence for 2024 persisted due to challenges stemming from a property downturn, geopolitical factors, and restrained consumer spending throughout 2023.

The dollar maintained stability, while Treasury trading remained inactive due to Japan’s market closure.

Meanwhile, oil prices surged following Iran’s dispatch of a warship to the Red Sea in response to the US Navy’s destruction of three Houthi boats. This move escalates tensions, potentially complicating Washington’s efforts to secure a crucial global trade waterway.

VoM News Desk

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