Sensex Drops Almost 150 Points Amidst Mixed Global Cues and Concerns Over US Federal Reserve’s Interest Rate Trajectory
The stock market opened lower on Thursday, with India’s benchmark index, the Sensex, declining nearly 150 points as mixed global cues and broader concerns over the US Federal Reserve’s interest rate trajectory weighed on investor sentiment. The 30-share BSE Sensex dropped 149.95 points or 0.25 per cent to 60,198.14 points, while the broader NSE Nifty fell 29.75 points or 0.17 per cent to 17,724.65 points, with 17 constituents of the Sensex, including Reliance, TCS, and HDFC, trading in the negative territory.
Asian markets also witnessed mixed trends, with Japan trading higher while China declined. The US market saw mixed trends as the US Federal Reserve Chair Jerome Powell said the central bank was yet to make a decision on the size of a potential interest rate hike later this month, despite strong labor market data and a rise in inflation.
Head of Retail Research at HDFC securities, Deepak Jasani, said that Asian equities were muted on Thursday, following a choppy US session that saw major benchmarks post modest gains as investors weighed the outlook for interest rates.
On Wednesday, the Sensex closed 123.63 points higher at 60,348.09 points, while Nifty gained 42.95 points to end the day at 17,754.40 points. Foreign Portfolio Investors (FPIs) made net investments worth Rs 3,671.56 crore on Wednesday.
