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Indian indices open weak, Sensex slumps

Sensex slumps

The Sensex was down 732.90 points or 1.31 percent at 55,125.62, while the broader Nifty50 was down 211 points or 1.27 percent at 16,447.40

Indian benchmark indices opened on a weak note on February 28, with Nifty below 16,500.

At 09:16 AM, the Sensex was down 732.90 points or 1.31 percent at 55,125.62. The broader Nifty50 was down 211 points or 1.27 percent at 16,447.40.

About 626 shares have advanced, 1462 shares declined, and 142 shares are unchanged.

Among the BSE Sensex, early gainers were NTPC (+0.08 percent at Rs 130.40), PowerGrid (+1-01 percent at Rs 199.30), and Tata Steel (+1.12 percent at Rs 1,158.05). Losers included HDFC Bank (-2.51 percent at Rs 1,419.05), Bharti Airtel (-2.41 percent at Rs 671.85), Asian Paints (-2.04 percent at Rs 3,056.35), Bajaj Finserv (-1.84 percent at Rs 15,480.90)

Nifty logged the second worst week in three months on February 25 despite the advance in Friday’s session which recouped some of the steep losses from the seven-day losing streak, longest in two years.

At close, Nifty was up 2.53 percent or 410.4 points at 16,658.4. In the process, Nifty was the best performer in the Asian region.

Asian markets are trading mixed in the early Monday trade with Nikkei and HangSeng trading in negative territory while Taiwan and Korean markets trading in positive territory.

US stock benchmarks, led by the Dow Jones Industrial Average, ended sharply higher Friday, as investors who were cautious about buying at the onset of the military clash in Eastern Europe turned eager to hunt down bargains.

The upbeat tone on the markets was tied, at least in part, to reports that Russia was in favour of talks with Ukrainian leadership. However, the reports came as Russian forces were closing in on Ukrainian capital Kyiv, which had been under fire earlier Friday.

The Federal Reserve’s favourite inflation calculator rose by 0.6% in January and showed the biggest yearly increase since 1982, underscoring why the central bank is poised to raise interest rates for the first time in four years.

The Personal Consumption Expenditure price index (PCE) gained 6.1 percent year-over-year in January, the largest gain since 1982. US economic data released Friday showed Americans sharply increased spending by 2.1 percent in January, exceeding expectations.

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