Sensex: Sensex, Nifty trade lower on weak global cues


NEW DELHI: Tracking Asian friends, each Indian indices-sensex and Nifty-opened lower on Thursday.
The BSE bench mark sensex was down over 500 factors and buying and selling at 66,243.
The Nifty was down by over 150 factors and buying and selling under 20,000-mark.
Among the sensex companies, HCL Technologies, ICICI Bank, Tata Consultancy Services, Larsen & Toubro, UltraTech Cement, Nestle, HDFC Bank and ITC had been the foremost laggards.
State Bank of India, Tata Steel, Axis Bank and NTPC had been among the many gainers.
The danger sentiment in Indian markets is anticipated to stay muted following the US Federal Reserve’s indication that it foresees larger rates of interest persisting for an prolonged interval.
The US Federal Reserve determined to keep up its present rates of interest on Wednesday however adopted a extra hawkish stance. They anticipate one other fee hike by the top of this yr and intend to maintain financial coverage significantly tighter by way of 2024, deviating from their earlier projections.
Similar to their outlook in June, the median amongst Fed policymakers nonetheless envisions the central financial institution’s benchmark in a single day rate of interest peaking throughout the vary of 5.5-5.75% this yr, only a quarter share level above the present vary. They anticipate the federal funds fee to succeed in 5.1% by the shut of 2024 and three.9% by the top of 2025.
Both sensex and Nifty had declined by over 1 per cent on Tuesday forward of the US Fed‘s coverage resolution.
The plunge in sensex got here after a document rally of 11 periods that added about 3,000 factors to the index.
Amid weak global market developments, buyers’ have misplaced over Rs 2.89 lakh crore in two days of market fall, a PTI report mentioned.
Both the benchmark indexes have declined by roughly 1.5% this week, following their almost 2% enhance and attainment of all-time highs final week.
On Wednesday, international buyers registered web gross sales amounting to 31.11 billion rupees ($375.18 million), whereas home buyers bought 5.73 billion rupees, as indicated by inventory alternate knowledge.
(With inputs from companies)

Nilesh Desai
Nilesh Desai
The Hindu Patrika is founded in 2016 by Mr. Nilesh Desai. This website is providing news and information mainly related to Hinduism. We appreciate if you send News, information or suggestion.


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