Thursday, May 19, 2022

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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