STOCK MARKET OUTLOOK FOR 19 MAY 2022
Nifty fell sharply on Thursday in line with an extremely
weak trend in global markets, with the Sensex falling as much as 1100 points.
Continued outflows of foreign funds and a rise in crude oil prices also
dampened sentiment. Asian markets in Seoul, Shanghai, Hong Kong and Tokyo
traded lower. The stock exchanges in the USA closed significantly lower on
Wednesday.
The metals sector, which has been one of the biggest gainers in recent years,
saw massive profit bookings last week. Nifty Metal, which represents the
sector, slumped over 12 % over the past week. Although many were anticipating
selling in the sector, which was needed to cool off after massive rallies, the
trigger was the precarious situation in China, which is threatening trade
around the world. The recent lockdowns in China due to the increase in Covid-19
cases have reduced the demand for steel in the country and as the big demand
for steel comes from China, the fall in demand led to a crash in steel prices
and ultimately the crash in metal prices. The biggest loser in the Metal
pack was Vedanta, which fell almost 19%. This was followed by a 10-14 % crash
at NMDC, SAIL, Hindalco Industries, JSW Steel and Tata Steel.
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The metals sector, which has been one of the biggest gainers in recent years,
saw massive profit bookings last week. Nifty Metal, which represents the
sector, slumped over 12 % over the past week. Although many were anticipating
selling in the sector, which was needed to cool off after massive rallies, the
trigger was the precarious situation in China, which is threatening trade
around the world. The recent lockdowns in China due to the increase in Covid-19
cases have reduced the demand for steel in the country and as the big demand
for steel comes from China, the fall in demand led to a crash in steel prices
and ultimately the crash in metal prices. The biggest loser in the Metal
pack was Vedanta, which fell almost 19%. This was followed by a 10-14 % crash
at NMDC, SAIL, Hindalco Industries, JSW Steel and Tata Steel.
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