Share Market Today News: Indices snap 4-day gaining streak, Sensex skids 215 points ahead of US Fed outcome

Stock Market New Today, Sensex, Nifty Share Price Live Today, November 2, 2022: The benchmark equity indices on the BSE and National Stock Exchange (NSE) snapped their four-session gaining streak and ended over 0.3 per cent lower on Wednesday weighed by IT heavyweight Infosys and telecom major Bharti Airtel. Investors also remained cautious ahead of the outcome of US Federal Reserve’s rate announcement and guidance on future rate hikes due later in the day.

The S&P BSE Sensex fell 215.26 points (0.35 per cent) to end at 60,906.09 while the Nifty 50 declined 62.55 points (0.34 per cent) to settle at 18,082.85. Both the indices had opened on a flat note earlier in the day and skid further as the session progressed with the Sensex touching an intraday low of 60,794.39 and the broader Nifty slipping to 18,048.65.

On the Sensex pack, Bharti Airtel, Maruti Suzuki India, Hindustan Unilever (HUL), Infosys, HCL Technologies, IndusInd Bank, Titan Company and Axis Bank were the top losers on Wednesday. In contrast, Sun Pharmaceutical Industries, ITC, Tech Mahindra, Dr. Reddy’s Laboratories, Reliance Industries (RIL) and Wipro were the top gainers.

The broader market indices however ended mixed with the S&P BSE MidCap index slipping 31.16 points (0.12 per cent) to end at 25,591.11 while the S&P BSE SmallCap rose 65.17 points (0.23 per cent) to settle at 28,956.28.

Among sectors, the Nifty Realty and the Nifty PSU Bank fell 0.80 per cent each and the Nifty Auto declined 0.74 per cent. On the other hand, Nifty Media rose 0.85 per cent and Nifty Metal gained 0.64 per cent.

“With the FOMC’s outcome around the corner, profit booking and a risk-off mood dragged the domestic market to trade with cuts. Meanwhile, strong US employment figures dented expectations for a slowdown in rate hikes. Since the market has already priced in a 75 bps rate hike by the Fed, market movement will be determined by their comments on its next moves,” said Vinod Nair, Head of Research at Geojit Financial Services.

Global Markets (from Reuters)

World equity markets rallied on Wednesday and the dollar eased, with investors appearing to look past another likely rise in US interest rates and hoping for a slow down in the pace of aggressive monetary tightening.

The Federal Reserve concludes a two-day meeting later in the day and is widely expected to deliver a fourth, 75 basis points (bps) rate hike to contain stubbornly-high inflation. For markets, the key question is whether the Fed will also signal it could slow additional rate hikes, in a so-called dovish pivot.

European stock markets opened mostly firmer, Asian shares outside Japan rallied to a two-week high and US equity futures pointed to a firm open for Wall Street.

Upbeat remarks by Chinese regulators about policy support and rising expectations among investors about easing of strict Covid-19 measures boosted sentiment in Asia. Chinese bluechips and Hong Kong stocks gained 1.2 per cent and 2.4 per cent respectively. Japan’s Nikkei stock index closed flat, holding close its highest levels since September.

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