Welcome Crypto Enthusiast!
Welcome to a brand-new episode of ET MARKET WATCH โ your daily podcast for daily market updates. I am Neha Vashishth Mahajan, letโs understand why Sensex and Nifty are facing sharp declines โ 6 key factors.
Factors Causing Sharp Declines
โ **Rise in US retail sales**
โ Stronger than expected retail sales came.
โ Sales rose 0.7% last month, as per the Census Bureau.
โ Traders now anticipate 45 basis points of cuts this year, down from more than 160 bps expected at the start of the year.
โ Markets are now pricing in September, instead of June, to be the starting point for rate cuts, according to CME FedWatch Tool
โ **Geopolitical concerns**
โ Globally, all markets were affected by rising tensions in the Middle East.
โ Israelโs military chiefโs statement that โthere will be a response to Iranโs attack on Israelโ has increased the probability of escalation of tensions in the Middle East.
โ **Rising bond yields**
โ Yield on 10-year Treasury notes was at 4.608% in Asian hours having surged to a five-month high of 4.663% on Monday.
โ The elevated yields boosted the dollar.
โ Higher yields are negative for FPI inflows.
โ **Global markets decline**
โ There are selloffs in Asia, wall street, and European stocks.
โ Driven by concerns over elevated US interest rates, waning momentum in Chinaโs economy, and escalating Middle East tensions.
โ **FIIs in selling mode**
โ FIIs net sold shares worth Rs 3,268 crore, while domestic institutional investors (DIIs) purchased stocks worth Rs 4,762 crore on April 15, as per NSE data
โ **Rupee at record low**
โ The Indian rupee ended at a record closing low of 83.5350 against the US dollar.
โ This is its weakest close on record.
Hot Take
Stay informed about these factors impacting the market to make informed decisions in the crypto space. Keep an eye on global developments and economic indicators to navigate the market fluctuations confidently!
Cindy Dutta emerges as a polymath of the crypto realm, seamlessly blending the roles of analyst, researcher, and editorial virtuoso. Navigating the intricate labyrinth of cryptocurrencies, Cindy unfurls intricate patterns of digital assets, resonating harmoniously with minds of all kinds. Her knack for unraveling enigmatic crypto intricacies intertwines effortlessly with her editorial finesse, transmuting complexity into an immersive symphony of comprehension.