D-Street Follows Global Trend, Ends Lower Ahead of Fed’s Policy Outcome

By Malvika Gurung — The domestic market ended the volatile session lower on Wednesday amid weak global cues ahead of the US Federal Reserve’s two-day rate hike policy meeting outcome scheduled for later in the day.

Indian equity benchmark indices ended 0.55% lower and lost 262.96 points or 0.44% in the session as markets expect a large chance of another 75-basis-point rate hike by the Fed, while some look ahead to a jumbo rate hike of 100 bps to tame the multi-decade high inflation.

Further, reports of Moscow ordering a partial mobilisation of military forces in Ukraine will have significant escalation in the geopolitical conflict, fuelling inflation worries and impacting the domestic and world economy.

Asian markets ended deep in red too on Wednesday, with Japan’s tanking 1.4%, Hong Kong’s plunging 1.8% and South Korea’s declining 0.9%, among others.

Investors on Dalal Street lost wealth worth Rs 2.23 lakh crore in the session and the market volatility barometer climbed almost 3% to 19.3 levels.

Barring , all sectoral indices listed under the Nifty basket ended deep in red, led by and , tanking up to 2.1%. declined 0.64%.

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