Indian benchmark indices are showcasing a downtrend in Thursday’s afternoon session following U.S. Federal Reserve Chair Jerome Powell’s hawkish stance on interest rates.
On the sectoral front, heavyweight Nifty IT is trading 1% lower. Following Powell's statement that the U.S. Federal Reserve will persistently increase policy rates until inflation abates, IT stocks, which generate a substantial portion of their earnings from the United States, experienced a decline.
Further, Nifty FMCG and Auto shed over 1%. All other sectoral indices are trading in the red territory.
At around 2.00 PM, BSE Sensex is trading 459 points lower at 59,888. NSE Nifty is down by 139 points at 17,616 points.
Tata Steel (+1.69%) emerges as the top NSE gainer with a 2% uptick. Apollo Hospitals (+1.18%), Bharti Airtel (+1.10%), JSW Steel (+1.10%), and Axis Bank (+1.06%) all are trading 1% higher.
Adani Enterprises (-5.13%) shed 5%. Adani Ports (-3.31%), Mahindra & Mahindra (-2.70%) are trading ~3% lower. Reliance Industries (-2.09%) and SBI Life (-2.07%) are dragging down the chart with a 2% decline.
A total of 13 stocks advanced on the Nifty index and 37 declined.
Globally, Japan’s Nikkei index reached a peak not seen in 6 and a half months on Thursday, with a fifth consecutive day of growth, buoyed by positive risk sentiment from a Federal Reserve outlook that was less hawkish and the belief that the Bank of Japan's stimulus policy would remain unchanged in the near future.
For feedback and suggestions, write to us at editorial@iifl.com
Related Tags
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Securities Support WhatsApp Number
+91 9892691696
www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.