Sensex, Nifty Close Sharply Lower On Growth Concerns, Interest Rate Jitters

RTTNews | 889 วันที่ผ่านมา
Sensex, Nifty Close Sharply Lower On Growth Concerns, Interest Rate Jitters

(RTTNews) - Indian stocks fell on Thursday, tracking weak global cues after the Federal Reserve hiked its rate by 50 basis points on Wednesday and signaled more hikes in the coming months.

The Fed 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 ended down 878.88 points or 1.4% at 61,799.03, while the broader Nifty index of the National Stock Exchange dropped 245.40 points or 1.32% to settle at 18,414.90.

Technology stocks were among the major losers. Wipro, Infosys, Tata Consultancy Services, Tech Mahindra and HCL Technologies all drifted lower.

Several stocks from financials and metal sectors too closed on a weak note.

State Bank of India dropped 1.7% after the bank said its board has approved a proposal to raise Rs 10,000 crore through Tier I bonds.

Shares of IRCTC tumbled more than 6% 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.

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Australian Market Modestly Higher

Australian Market Modestly Higher

The Australian stock market is trading modestly higher on Friday after opening in the red, reversing some of the losses in the previous session, following the mixed cues from Wall Street overnight. The benchmark S&P/ASX 200 is moving to near the 8,400 level, with gains in financial and technology stocks partially offset by weakness in mining and energy stocks.
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Hong Kong Shares Expected To Open To The Downside

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Lower Open Predicted For China Stock Market

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Taiwan Stock Market May Extend Thursday's Losses

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The Taiwan stock market on Thursday snapped the two-day winning streak in which it had advanced more than 280 points or 1.3 percent. The Taiwan Stock Exchange now sits just above the 21,800-point plateau, although it's expected to open under pressure on Thursday.
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New Zealand Retail Sales Rise 0.8% In Q1

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Japan Nationwide Inflation Climbs 3.6% On Year In April

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No Help Yet For Malaysia Stock Market

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