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Share indices in Asia fell Tuesday, tracking the economic data of the region and overnight losses on its Wall Street peers amid concerns that aggressive bets about rate cuts by the U.S. Federal Reserve might be a cheery thought.
Markets in Japan declined after the consumer price index fell to 2.6% year-on-year in November, compared to the Bloomberg survey’s expectation of a 3.0% reading for the month, Bloomberg reported. In October, CPI was at 3.3%.
Markets in South Korea also fell as the country reported a 3.3% year-over-year CPI for November, which is less than Bloomberg’s estimate of a 3.5% reading for the month, Bloomberg reported. The CPI was at 3.8% in October.
The S&P 500 index and Nasdaq 100 fell by 0.54% and 0.84%, respectively, on Tuesday. The Dow Jones Industrial Average fell by 0.11%.
Brent crude was trading up 0.19% at $78.18 per barrel; Gold was higher by 0.22% at $2,033.97 an ounce.
GIFT Nifty was down 0.21%, or 44 points, at 20,816.50 as of 8:13 a.m.
India’s benchmark indices ended at a fresh high, gaining 2% for the first time in a year, as investors cheered the Bharatiya Janata Party’s win in three Hindi heartland states.
The NSE Nifty 50 ended 418.90 points, or 2.07%, higher at 20,686.80, while the S&P BSE Sensex gained 1,383.93 points, or 2.05%, to close at 68,865.12. The BSE Sensex and the NSE Nifty 50 had closed over 2% higher on Nov. 11, 2022 and Dec. 26, 2022, respectively.
Overseas investors remained net buyers of Indian equities for the seventh consecutive session on Monday.
Foreign portfolio investors mopped up stocks worth Rs 2,073.2 crore, while domestic institutional investors stayed net buyers in the last two sessions and bought stocks worth Rs 4,797.1 crore, the NSE data showed.
The Indian rupee weakened 7 paise to close at 83.37 against the U.S. dollar on Monday.
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