Stock Markets End On A Muted Note As Sensex Falls Marginally, Nifty Tests 23,300 - ABP Live English
The Indian benchmark indices fell over 21 points on Thursday as the Sensex closed trade at 74,314 and the Nifty ended 53 points higher to settle at 23,270 at 3:30 PM.
Previously, during the early morning session, the BSE Sensex gained 86.49 points to open at 74,422.94, while the Nifty rose 50.1 points to start trade at 23,267.70.
In the 30-share BSE Sensex, among the top gainers were stocks such as Tata Steel, Bharat Electronics, IndiGo, Eternal and Maruti. Meanwhile, the laggards included stocks like Reliance, Hindustan Unilever, Infosys, Axis Bank and Bharti Airtel.
The domestic equity market could remain volatile as the US Federal Reserve's latest rate hike and indication of further tightening weigh on investor sentiment, despite a pullback in Brent crude prices from recent highs.
Brent crude has eased to around USD 104.7 a barrel from its recent high, offering some marginal relief. However, the Federal Reserve's decision to raise interest rates and signal further tightening could limit any immediate recovery in markets.
The Fed raised its policy rate by 25 basis points to 3.75-4 per cent, marking its first increase in three years, and projected another hike this year, Hariselvan Radhakrishnan, Founder & CEO of HST Wealth, a Research Analyst firm, said.
For India, higher US interest rates could strengthen the dollar, put pressure on the rupee and weigh on foreign investment flows into emerging markets, he added.
Brent crude, the global oil benchmark, was trading 0.12 per cent lower at USD 105.7 per barrel.
The National Stock Exchange's much-awaited Rs 22,569-crore initial public offering began for subscription on Thursday.
In Asian markets, South Korea's Kospi and Japan's Nikkei 225 index were trading in positive territory, while Shanghai's SSE Composite index and Hong Kong's Hang Seng index quoted lower.
US markets ended lower on Wednesday.
Foreign Institutional Investors (FIIs) sold equities worth Rs 2,032.61 crore on Wednesday, according to exchange data.
The domestic benchmarks, however, ended higher in the previous session. The Sensex gained 332.63 points, or 0.45 per cent, to settle at 74,336.45, while the Nifty rose 99 points, or 0.43 per cent, to close at 23,217.60.
On Thursday, the Sensex fell over 21 points to close at 74,314, while the Nifty ended 53 points higher, settling at 23,270.
The domestic market could remain volatile due to the US Federal Reserve's latest rate hike and signals of further tightening. This impact persists despite Brent crude prices easing from recent highs.
Higher US interest rates could strengthen the dollar, putting pressure on the Indian rupee. This might also weigh on foreign investment flows into emerging markets like India.
Foreign Institutional Investors (FIIs) remained sellers, having sold equities worth Rs 2,032.61 crore on Wednesday, according to exchange data.
Sagarika Chakraborty is a Senior Copy Editor at ABP Live English, where she handles business coverage and key developments in general news, while also actively chasing breaking stories. With a foundation in advertising, she transitioned into journalism to craft in-depth stories and explainers on the economy, real estate, and personal finance. She also engages in interviews and podcasts, bringing out expert insights.
For any tips and queries, you can reach out to her at sagarikac@abpnetwork.com.
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