Finance
Today’s Share market Highlights:
The Indian market followed Wall Street’s lead and closed in the red in today’s session. The benchmark indices declined by over 1%.
Most sectors close lower as the Fed maintains its aggressive stance on potential rate hikes and rising oil prices.
Asian stocks are falling, mirroring a drop on Wall Street, as the Federal Reserve warned it may not cut interest rates as much as previously predicted next year.
As expected, the Fed kept its key interest rate at its highest level in more than two decades. Fed Chair Jerome Powell stated that interest rates are close to, if not already, at their top.
Indices fall for 3rd session in a row as Sensex and Nifty lose 600 and 150 pts, respectively; Bank, Auto, IT lead the drag
On Thursday, India’s benchmark indexes fell for the third straight session, led by Bank, IT, and Finance companies, as the US Federal Reserve signaled that interest rates could remain higher for longer.
The Nifty 50 fell 159 points to 19,742, while the S&P BSE Sensex fell 570 points to 66,230. Almost all sectoral indicators finished the day in the red.
Both benchmarks are down approximately 2% this week after gaining 2% each and reaching all-time highs the week before.
Bank stocks led the market drag, with SBI, ICICI, and IndusInd among the top laggards. Today’s session saw huge losses for M&M and Tata Motors. TechM and Adani Ports both increased by more than a percent.
In today’s trade, the only index that gained was the media. On Thursday, the bank, auto, finance, real estate, and information technology sectors all suffered significant losses.
Asian and European equities fell Thursday, while the dollar rose, as the US Federal Reserve said it would raise interest rates again this year and keep them higher for longer than expected as it tries to bring inflation under control.
The Nikkei 225 ended more than 1% lower as technology heavyweights following their US peers’ falls as the Federal Reserve tightened its hawkish stance, with another interest rate hike expected by the end of the year.
The Nikkei lost 1.37% on the day, the most since August 25. The broader Topix declined 0.94%, with the country’s largest banks limiting the drop.
China and Hong Kong markets fell more as the US Federal Reserve signaled another rate hike by year’s end and significantly tighter monetary policy through 2024 than previously anticipated.
The CSI 300 Index in China sank 0.9% to its lowest level since November 2022, while the Hang Seng Index in Hong Kong fell 1.3%.
European stock markets opened down as the Federal Reserve signaled that interest rates could be raised again this year, and ahead of a Bank of England decision.
London equities opened down as U.S. Treasury yields rose as the Federal Reserve signaled that interest rates will remain high for a longer period of time, while investors awaited the Bank of England’s major monetary policy announcement later in the day.
