Sensex, Nifty Drift Lower On Weak Global Cues

RTTNews | 987 days ago

(RTTNews) - Indian stocks are down in negative territory in mid-morning trades on Thursday, extending early losses, tracking weak global cues.

After raising interest rate by 50 basis points, the Federal Reserve said on Wednesday that more increases are likely in the coming months. The central bank expects rates to ultimately be raised higher than forecast back in September. The median forecast suggests rates will be raised to a so-called terminal rate of 5.1% next year compared to the September projection of 4.6%.

The Fed expects inflation to remain elevated in 2023. It expects price growth to slow to 3.1% next year from 5.6% this year, but that is still up from the 2.8% forecast in September and well above the Fed's 2% target.

The benchmark BSE Sensex, which dropped to 62,322.94, is currently down 311.14 points or 0.5% at 62,366.77.

The broader Nifty index of the National Stock Exchange is down 88.10 points or 0.47% at 18,571.80.

Technology and metal stocks, which posted strong gains in the previous session, are among the notable losers this morning. PSU bank stocks are gaining in strength.

Tech Mahindra, Infosys, HCL Technologies, Titan Industries, JSW Steel, Hindlaco, Hind Unilever and Tata Consultancy Services are down 1 to 2%.

Tata Steel, Eicher Motors, UPL, Coal India, Dr Reddy's Laboratories, ITC and Nestle are also notably lower.

Tata Motors shares are up 1.1% after the company announced that it has signed a deal with Everest Fleet Pvt Ltd. to supply 5,000 units of XPRES-T EVs.

SBI Life is gaining more than 1.5%. HeroMocorp, Britannia Industries, Bajaj Finance, BPCL and HDFC Life are gaining 0.5 to 1%.

IRCTC shares are down more than 5%. 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.

The market breadth is positive. Out of 3,471 stocks seen in action on BSE, 1,865 stocks are up in positive territory. 1,453 stocks are weak, and 153 stocks are hovering around their previous closing levels.

Australian Market Trims Early Losses In Mid-market

The Australian market is trimming early losses in mid-market moves on Thursday, giving up some of the gains in the previous session, despite the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling to near the 8,950 level, with weakness in iron ore miners, energy and technology stocks partially offset by gains in financial stocks.

RTTNews | 1h 23min ago

Asian Markets Trade Mostly Higher

Asian stock markets are mostly higher on Thursday, following the broadly positive cues from Wall Street overnight, as traders remain optimistic the US Fed will cut interest rates at their next meeting in September. They also remain cautious ahead of the release of key US economic data later in the week, including second quarter GDP and the Fed's preferred readings on consumer price inflation.

RTTNews | 1h 38min ago

Sensex, Nifty Set To Open Lower As New U.S. Tariffs Take Effect

Indian shares may open on a weak note on Thursday after U.S. President Donald Trump's 50 percent tariffs on Indian goods came into effect on Wednesday.

RTTNews | 2h 9min ago

Swiss Market Settles Modestly Higher

The Switzerland market closed modestly higher on Wednesday after staying firm right through the day's session, thanks to fairly strong buying at several counters. The benchmark SMI closed up by 46.23 points or 0.38% at 12,207.12. The index moved between 12,166.23 and 12,226.36 during the session.

RTTNews | 2h 21min ago

Japanese Market Notably Higher

The Japanese market is trading notably higher on Thursday after opening in the red, extending the gains in the previous session, following the broadly positive cues from Wall Street overnight. The Nikkei 225 is moving well above the 42,650 level, with gains in index heavyweights, automakers and financial stocks.

RTTNews | 2h 29min ago

Thai Bourse May Halt Losing Streak On Thursday

The Thai stock market has moved lower in back-to-back sessions, slipping almost 15 points or 1.2 percent along the way. The Stock Exchange of Thailand now sits just beneath the 1,250-point plateau although it may stop the bleeding on Thursday.

RTTNews | 2h 38min ago

Australian Market Slightly Lower

The Australian market is slightly lower in choppy trading on Thursday, giving up some of the gains in the previous session, despite the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling below the 8,950 level, with weakness in iron ore miners, energy and technology stocks partially offset by gains in financial stocks.

RTTNews | 2h 46min ago

Indonesia Shares Tipped To Open In The Green

The Indonesia stock market has moved higher in two of three trading days since the end of the two-day slide in which it had fallen almost 85 points or 1.1 percent. The Jakarta Composite Index now sits just above the 7,935-point plateau and it may add to its winnings on Thursday.

RTTNews | 3h 8min ago

EURUSD	1.16412	GBPUSD	1.35056	AUDUSD	0.65118
USDJPY	147.166	USDCAD	1.37802	USDCHF	0.80147