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Indian shares opened little changed on Monday as hopes of demand recovery in China were offset by jitters over a potential global recession.
The Nifty 50 index was up 0.01 per cent at 18,268.60, as of 09:30 a.m., and the S&P BSE Sensex opened 0.03 per cent higher to 61,366.56.
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Analysts expect market to remain downbeat with heightened volatilityAmong individual stocks, Sun Pharma fell nearly 2 per cent after receiving a warning letter from the U.S. Food and Drug Administration for Halol facility in Gujarat. The stock was the top loser on the pharma index, which fell 0.5 per cent.
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Sun Pharma, Dr Reddy’s Lab, Edelweiss, Kirloskar Oil Engines, YES Bank, JSPL, Patel Engineering, UPL, 3i Infotech, SJ Corp, KIOCL, GMR Infra, Tech Mahindra, Dilip BUildcon, SJ CorpDilip Buildcon surged over 3 per cent on securing an order worth ₹1,647 crore.
Asian markets reversed early gains as recession fears soured sentiment, with the MSCI Asia ex Japan falling 0.24 per cent.
Major central banks including the U.S. Federal Reserve and the European Central Bank hiked rates last week and signalled a prolonged rate-hike cycle, triggering fears over the impact on the global economy.
Reports say that China planned to increase flights to encourage the recovery of its air transport market. The decision comes after the world's second-largest economy eased several restrictions from its zero-Covid policy last week.
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