Stock Market: Nifty & Sensex Open In Red

Stock Market: Indian indices opened lower on 15 December 2022 with Nifty around 18600 on the back of weak global cues. Frontline indices Nifty50 declined over 10 points to trade below 18,650 levels, whereas the S&P BSE Sensex dropped over 150 points to trade at 62,515 levels.

Broader markets, however, outperformed benchmark indices Nifty MidCap 100 and Nifty SmallCap 100 indices gained up to 0.1 per cent.

Sectorally, Nifty Pharma, Nifty PSU Bank, and Nifty Realty indices started trade with marginal gains – up to 0.5 per cent. On the flipside, Nifty Bank, Nifty IT, and Nifty FMCG indices remained bogged down in trade.

Global Market

The prices of Brent Crude slipped 0.7 per cent to $82 per barrel and WTI Crude hovered around $76 per barrel, down 0.8 per cent.

The Indian rupee opens with marginal weakness. It is expected to open lower against the dollar on Thursday after US Federal Reserve policymakers projected that rates would rise more than what markets have priced in. The rupee is tipped at around 82.55-82.60 per US dollar at the open, compared with 82.46 in the previous session.

Stocks turned lower after the US Federal Reserve’s latest rate decision signaled the central bank sees work left to do in its battle against inflation. The US equities reacted negatively to the US Fed’s rate action as Dow Jones declined over 100 points to 0.4 per cent. NASDAQ Composite and the S&P 500, meanwhile, lowered to 0.7 per cent and 0.6 per cent, respectively.

Gold prices fell on Thursday after U.S. Federal Reserve Chair Jerome Powell said more interest rate hikes would come next year.

Spot gold slipped 0.7% to $1,794.22 per ounce, as of 0345 GMT, retreating further from a more than five-month high scaled on Tuesday. U.S. gold futures were down 0.8% at $1,804.20.

Asian stocks are poised to open on the back foot Thursday as US stocks fell after the Federal Reserve signaled interest rates will climb higher than anticipated next year.

Asia-Pacific markets, too, fell in tandem with Nikkei 225, Hang Seng, the S&P 200, and Kospi indices slipping up to 2 per cent.

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