The Indian market started fresh week on a flat note with oil sliding in the opening trade on Monday as coronavirus lockdown in Shanghai looked set to hit global activity. Benchmarks Nifty50 and the Sensex opened falt in line with SGX Nifty, which was trading 37 points higher on the Singaporean Exchange around 9 am on Monday.  

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Sectorally,  pharma, oil & gas, healtcare stocks gained, while pressure was seen on banking stocks

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In the pre-open, the Sensex gained over 100 points as 24 shares advanced and six declined on the 30-share index.  

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said though the Ukraine war and the consequent crude spike impacted markets initially, the war is not affecting markets much now. "The major headwinds for markets in 2022 will continue to be the high US inflation and Fed tightening. It appears that markets have priced in around 190 bp hike by the Fed in 2022. The fact that markets continue to be resilient in spite of so many headwinds is a reflection of the strength of this bull market," he said.

Vijaykumar said that DIIs and retail investors now exert more influence on the market than FPIs. Domestic investors emerging as a major counter force to the fair weather FPIs is a desirable development, however, retail investors have to be more vigilant in their investment by avoiding low-grade stocks and investing in high quality stocks," added the expert.

"The Index continues to see support at 17,100-17,000 zone, while only a sustained move above 17,500-level will provide much-needed breather. The time pressure on Index could intensify if it is unable to move past the resistance zone in coming sessions," Viraj Vyas, Technical and Derivatives analyst at Ashika Broking 

Earlier, Asian shares stalled and oil prices slid on Monday as coronavirus lockdown in Shanghai looked set to hit global activity, while throwing another wrench into supply chains that could add to inflationary pressures, said Reuters.  

Early action on Monday was muted with MSCI`s broadest index of Asia-Pacific shares outside Japan off 0.1%. The index is down 2.3% for the month but well above recent lows.  

Japan`s Nikkei dipped 0.4%, but is still almost 6% firmer for the month as a sinking yen promised to boost exporter earnings.  

S&P 500 stock futures eased 0.2%, while Nasdaq futures slipped 0.3%. 

Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.