Last Updated: May 04, 2023, 09:22 IST
Stock Market Today: Equity benchmark indices opened on a weaker observe on Thursday following losses in a single day within the US markets publish US Federal Reserve’s 25 bps price improve.
Global Cues
US shares ended decrease on Wednesday, reversing positive aspects after feedback by Federal Reserve Chair Jerome Powell left buyers questioning what the U.S. central financial institution’s subsequent transfer could be with rate of interest hikes. Indexes initially held onto positive aspects following the Fed’s assertion. It elevated rates of interest by 1 / 4 of a proportion level, as anticipated, and signaled it might pause additional hikes.
Global inventory markets sagged whereas the Japanese yen rose on Thursday in response to the Fed’s coverage assertion and indicators of stress at one other U.S. regional financial institution, spurring buyers to cost in a pivot reasonably than only a pause in price rises.
Santosh Meena, Head of Research, Swastika Investmart, mentioned: “The US Fed hiked rates of interest by 25 foundation factors, consistent with expectations. However, Jerrom Powell’s commentary was a little bit complicated as a result of he hinted at a pause however gave no signal of a price reduce sooner or later. He was not a lot involved in regards to the recession, whereas alternatively, regional banks are going through robust promoting strain. The US market reacted negatively to it, however there’s a sharp fall in crude oil costs, US bond yields, and the greenback index, that are optimistic for rising markets. Technically, 18181–18230 is a vital provide zone for the Nifty, the place we will count on some pullback, however bulls will stay within the driver’s seat until the Nifty holds the 17770 stage.”
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