Indian Shares Likely To Open With Negative Bias
(RTTNews) - Indian shares look headed for a weak start on Thursday, tracking cues from Wall Street, where stocks drifted lower overnight after the Federal Reserve raised interest rate by 50 basis points and signaled more hikes in the coming months.
The Fed's forecast that inflation is likely to remain at elevated level next year is likely to weigh on sentiment.
Asian markets are also mostly down in negative territory now. Higher crude oil prices might hurt as well.
State Bank of India is likely to be in focus after the bank said its board has approved a proposal to raise Rs 10,000 crore through Tier I bonds.
Tata Motors announced that it has signed a deal with Everest Fleet Pvt Ltd. to supply 5,000 units of XPRES-T EVs.
The government announced that it will sell a 5% stake in IRCTC through an offer for sale at a floor price of Rs 680 a share to raise Rs 2,700 crore.
Indian benchmark indices Sensex and the Nifty closed higher on Wednesday, extending gains from the previous session, after data from the U.S. Labor Department showed a smaller than expected increase in consumer prices in the world's largest economy in November.
Investors were a bit cautious as they looked ahead to the Federal Reserve's monetary policy announcement, due later in the day.
The benchmark BSE Sensex ended higher by 144.61 points or 0.23% at 62,677.91, nearly 160 points off the day's high of 62,835.11. The broader Nifty index of the National Stock Exchange settled with a gain of 52.30 points or 0.28% at 18,660.30, off the day's high of 18,696.10.
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