WISCONSIN (CoinChapter.com) — India’s Nifty and Sensex indices crashed to end last week’s trading, while the US S&P 500 Index climbed. What is that about?
The drops were not catastrophic, but it seemed out of place that Germany, Japan, and the US had strong stock markets, and India fell over 1% to close the trading week. Economists placed the reason more on global issues than anything happening within India.
Fears of a global recession, higher crude oil prices, and uncertainty about the US Federal Reserve’s decision regarding the next rate hike played a role in India’s markets.
Nifty fell over 132 points, while Sensex finished quite lower with a 450-point drop. Both indices have now started the new year off with a negative tone. IT stocks sold off and were banged up at the rate of -2%.
India’s biggest stock market hang-up is FIIs (Foreign Institutional Investors).
FIIs have been furiously selling lately. They sold for ten successive days, while the underperformers of 2022, China and Europe, are holding their heads above water for the time being. In India, FII money is going after cheaper valuations because markets are currently overvalued.
For almost two weeks straight, the Nifty traded between 50-day and 100-day moving averages (MA). Then, seemingly out of nowhere, it closed below the 100-day MA to end last week.
Indian investors are nervous about high-interest rates slowing economic growth. Investors are closely watching US IT stocks fall, which does not rest well for the nation’s IT companies, which get a big part of their revenue from the US market.
For technical traders looking to buy, the 50% Fibonacci resistance is at 17,918.95. For sellers, the nearest Fibo is 38.2% at 17,690.35.
Here is the top crypto news of the day curated by CoinChapter.com.
Solana's price recovered on May 1 following the recent crypto market plunge, which saw Bitcoin…
PEPE price rallied from the $0.00000515 support. It cleared the $0.00000750 resistance and eyes more…
Coinbase Earnings Explode Coinbase, the leading cryptocurrency exchange, reported staggering Q1 2024 earnings, fueled by…
Binance's Anjarwalla Faces Extradition to Nigeria NAIROBI (Coinchapter.com) - Binance's Nadeem Anjarwalla, an executive of…
Pi Network, the mobile-based crypto mining project, seems to have either the most dedicated shilling…