Business

Indian Stocks Extend Losses, Await US Fed Policy Outcome For Fresh Cues

Indian stock indices extended losses from the previous session and edged sharply lower on Wednesday, tracking weak overnight US markets coupled with rising global crude oil prices amid the strengthening of the US dollar.

Sensex was at 67,213.98 points, down 382.87 points or 0.57 per cent, and Nifty was at 20,024.60 points, down 108.70 points or 0.54 per cent at the opening bell. India stock exchanges were closed yesterday for trading on the occasion of Ganesh Chaturthi.

On Monday, Indian stock indices closed in the red, with the benchmarks largely witnessing profit booking. Investors may have taken some money off the table after the indices hit their fresh highs last week.

“There are too many challenges for the market in the near term. Brent crude at $94, the dollar index above 105, the 2-yr US bond yield at 5.09 per cent and the INR at record lows against the dollar are strong headwinds,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

“The straining of relations between India and Canada is unlikely to have any lasting impact on the market,” he said.

Going ahead into this week, investors are likely to tread carefully as the U.S. Federal Reserve’s meeting scheduled Tuesday-Wednesday, its outcome due likely this midnight, will be closely monitored.

The US central bank in its July meeting raised its benchmark interest rate by 25 basis points, the highest in the past 22 years at 5.25-5.5 per cent, in its fight against soaring inflation and bringing it back to the 2 per cent target.

(ANI)

Also Read: Germany asks Azerbaijan to stop shelling in Nagorno-Karabakh region, return to negotiating table

Bharat Express English

Recent Posts

Prez Murmu & VP Radhakrishnan Extend Warm Diwali Greetings; Urge Responsible Celebration

Prez Murmu and Vice President CP Radhakrishnan have wished citizens a happy Diwali, urging everyone…

58 mins ago

Obesity Linked To Alzheimer’s Risk In Adults With Down Syndrome, Study Finds

Obesity, not metabolic syndrome, is linked to higher Alzheimer’s risk in adults with Down syndrome,…

2 hours ago

Amit Shah Approves Rs 1,950 Crore Advance Release To Karnataka And Maharashtra For Flood Relief

The Central Government has allocated substantial financial assistance to various States for disaster response and…

3 hours ago

Our Hearts Are Fuller Than Ever: Parineeti Chopra And Raghav Chadha Welcome Their Baby Boy

Bollywood actress Parineeti Chopra and her husband, politician Raghav Chadha, have become proud parents to…

4 hours ago

WhatsApp Tests Monthly Message Cap To Curb Spam And Unwanted Chats

WhatsApp is preparing to roll out a major update designed to curb spam and unwanted…

5 hours ago

Bullet Discovery At Hyderabad Metro Sparks Police Investigation

A 9 mm bullet was found in a commuter’s bag at Hyderabad’s Moosapet Metro Station,…

6 hours ago