The stock markets fell for the second consecutive day, the Sensex fell 179 points

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Mumbai. The stock markets fell for the second consecutive day on Thursday and the BSE Sensex closed down 179 points. The negative trend in global stock markets also affected the domestic market. Investors were surprised by signs of a premature and sharp increase in the policy rate, contrary to expectations from the US Federal Reserve, which affected markets around the world. Besides, a sharp fall of 76 paise in the rupee against the US dollar also weighed on the sentiment, according to traders. The 30-share BSE Sensex closed at 52,323.33 points, down 178.65 points, or 0.34 per cent.

The Nifty of the National Stock Exchange also closed at 15,691.40, down 76.15 points, or 0.48 per cent. IndusInd Bank was the biggest loser in the Sensex shares, falling by nearly 3 per cent. Apart from this, Dr. Reddy’s, NTPC, Maruti, Axis Bank, Bajaj Auto, Bharti Airtel and HDFC were also losers. On the other hand, other stocks including UltraTech Cement, TCS, Asian Paints, Infosys, Tech Mahindra and HCL Tech ended with gains of up to 1.86 per cent.

Vikas Jain, Senior Research Analyst, Reliance Securities said, “The Federal Open Market Committee (FOMC) statement had an adverse impact on the global market and its impact on the domestic market as well. Investors noted the Federal Reserve’s announcement of a premature hike in the policy rate, contrary to expectations, along with raising the country’s economic growth forecast.

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“The Federal Reserve has raised its growth forecast for this year to 7 percent, while projecting a policy rate hike in 2023 instead of 2024,” he said. Also, talks have been started on when to withdraw the $ 120 billion bond purchase program.

Vinod Nair, Head of Research, Geojit Financial Services, said the US economy is on a fast track and the Federal Reserve may ease the bond buying program with a firm job market. “This could lead to tighter bond yields, which will have an impact on the value of equity assets,” he said.

In other Asian markets, Shanghai and Hong Kong edged up, while Seoul and Tokyo declined. Major markets in Europe also declined in early trade. Meanwhile, international oil benchmark Brent crude rose 0.09 per cent to $74.46 per barrel. The rupee depreciated 76 paise to end at 74.08 against the US dollar. (agency)

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Bhagyashree Soni
Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.
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