You are here: Home » Markets » News
Business Standard

Benchmarks fall after 2-day gain; US Federal Reserve rate decision eyed

Equity indices snapped their two-day rising streak on Wednesday amid mixed global market trends ahead of the keenly awaited US Fed interest rate decision.

Topics
US Federal Reserve | equity indices | stock market trading

Press Trust of India  |  Mumbai 

BSE Sensex
The NSE Nifty went lower by 97.90 points or 0.55 per cent to end at 17,718.3

snapped their two-day rising streak on Wednesday amid mixed global market trends ahead of the keenly awaited US Fed interest rate decision.

The 30-share BSE Sensex fell 262.96 points or 0.44 per cent to settle at 59,456.78. During the day, it tanked 444.34 points or 0.74 per cent to 59,275.40.

The NSE Nifty went lower by 97.90 points or 0.55 per cent to end at 17,718.35.

IndusInd Bank was the biggest laggard in the Sensex pack, tumbling 3.19 per cent, followed by PowerGrid, UltraTech Cement, L&T, NTPC, HCL Technologies, Dr Reddy's, TCS and Bharti Airtel.

In contrast, Hindustan Unilever, ITC, Bajaj Finance, Tech Mahindra, Reliance Industries, Mahindra & Mahindra, Nestle India and HDFC Bank were the gainers, climbing as much as 1.60 per cent.

" across the globe were trading with considerable volatility ahead of the Fed policy announcement. A 75 bps hike by Fed was factored in by the markets, while reports of mobilising Russian forces in Ukraine has escalated geopolitical tension and fears of rising inflation.

"Any military escalation will have a significant effect on the world and domestic economy. This will have an influence on the near-term trend of the global market and implications on local market can be high as it is trading at premium prices compared to the world," said Vinod Nair, Head of Research at Geojit Financial Services.

Ajit Mishra, VP Research, Religare Broking Ltd, said, " will first react to the Fed meet outcome in early trades on Thursday. Besides, the scheduled weekly expiry would add to the volatility. Amid all, indications are in the favour of further consolidation so we suggest traders to stay light and focus more on the risk management part."

In the broader market, the BSE smallcap gauge declined 0.69 per cent and the midcap index fell by 0.63 per cent.

Among the BSE sectoral indices, utilities fell by 2.31 per cent, power declined 2.19 per cent, commodities dipped 2.07 per cent, capital goods 1.36 per cent and oil & gas 1.33 per cent.

FMCG emerged as the only gainer, jumping 1.14 per cent.

Elsewhere in Asia, in Seoul, Tokyo, Shanghai and Hong Kong ended lower.

European bourses were trading mostly higher in mid-session deals. The US markets had ended in the negative territory on Tuesday.

Meanwhile, the international oil benchmark Brent crude climbed 2.38 per cent to USD 92.78 per barrel.

The rupee declined by 26 paise to close at 80.00 (provisional) against the US dollar on Wednesday, tracking the strength of the American currency in the overseas market.

Foreign institutional investors (FIIs) were buyers as they bought shares worth a net Rs 1,196.19 crore on Tuesday, according to data available with the BSE.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, September 21 2022. 22:32 IST
RECOMMENDED FOR YOU
.