Sensex Today: Stock Market LIVE Updates: Sensex Erases Most Losses, Trading Flat; Skilled Tests 17,700; ITC hits new record high – Economic Times | Jewelry Dukan

Sensex today: Indian stocks fell in line with Asian peers on Thursday, while the rupee hit a record low after the US Federal Reserve announced more hikes than markets were expecting.

The Indian rupee hit a record low of 80.45 against the US dollar.

The Fed hiked interest rates by 75 basis points on Wednesday – the third such hike in a row – and signaled it would raise borrowing costs further to fight inflation.

India’s central bank will meet next week to decide its own monetary policy stance.

Shares in low-cost airline SpiceJet Ltd fell 4% after India’s aviation security commissioner announced on Wednesday it would extend the curb on departures until October 29.

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JUST IN: The rupee extends and touches 80.627 against the US dollar

As expected, the Fed hiked rates another 75 basis points yesterday. This is the third 75 basis point hike this year. With the latest hike, the Fed Fund Rate (FFR) is now in the 3.0% to 3.25% range and is the highest since January 2008. The FOMC revised the median FFR by 100 basis points from 3.4% at the end of 2022 up to 4.4%. in June, suggesting a cumulative rate hike of 125 basis points over the next 2 FOMC meetings this year. For 2023, the median FFR is revised upwards by 4.6% from 3.8% in June, implying no rate cuts in 2023. These forecasts are much more aggressive than what investors previously priced in. Fed Chair Powell continued his hawkish stance from the Jackson Hole meeting in August. Powell reiterated that the central bank’s main goal is to bring inflation below target, and that requires interest rates to stay in a “restrictive” zone for an extended period of time.

– Ritika Chhabra – Economist and Quantitative Analyst, Prabhudas Lilladher Pvt Ltd

While the Fed’s 75 basis point rate hike and reiteration of the hawkish message were in line with expectations, indications that the final rate is likely to be 4.6% were higher than market expectations. US 10-year bond yields rising above 3.5% and dollar index above 111 worry equity markets. Now the market believes the probability of a US recession has risen to 75%. This is bad news for global growth against the backdrop of a significant slowdown in the eurozone and China. The big question from the Indian market perspective is whether India’s outperformance will continue in the current context of global risk aversion. Investors can remain optimistic but be cautious as India’s valuations are on the higher side. Financials, capital goods, select autos, telecoms, and construction-related stocks can be bought on falls.

– dr VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services

BOJ keeps ultra-low interest rates, remains outlier globally despite weak yen

The Bank of Japan on Thursday maintained ultra-low interest rates and vowed to keep them there as it bucked a global wave of monetary tightening by central banks opting to fight rising inflation to prop up their fragile economies .

The decision came after the US Federal Reserve announced its third straight rate hike of 75 basis points on Wednesday and announced further rate hikes, underscoring its determination not to let up in its fight against inflation.

Political divergence pushed the yen to a fresh 24-year low and above the closely watched 145 against the dollar level, highlighting the dilemma Tokyo faces in attempting to support a fragile economy with ultra-low interest rates , without accelerating an unwanted yen decline that will inflate the yen cost of imports.

Source: Reuters

Bitcoin Holds $19,000; XRP, Shiba Inu & Doge Zoom Up To 9%

The Directorate-General for Civil Aviation (DGCA) on Wednesday extended restrictions on SpiceJet to operate at just 50% capacity until October 29, 2022.

Price from 09/22/2022 09:44 amClick on company names for their live prices.

Voda Idea, YES Bank among the most active stocks on the NSE

Price from 09/22/2022 9:32 a.mClick on company names for their live prices.

CITI INDIA EQUITY STRATEGY

  • Interacted with investors in the US about the India strategy
  • Most Discussed Stocks:- ICICI Bank, SBI, M&M, Maruti, NTPC, Power Grid, RIL, Infosys, TCS, Airtel, Nykaa, Paytm and Zomato
  • Smart target for December 2023: 17,700 vs. previous June 2023 target of 17,000
  • On the Indian internet, investors revisit some names after the correction
  • Changes to Citi Preference:
  • Remove Tata Steel and add Cipla 2000
  • The pharmaceutical sector switches from “neutral” to “overweight”.
  • Add Aurobindo Pharma to top mid-cap picks

Sensex Heatmap: 20 out of 30 index stocks are trading in the red

OPENING BELL: Sensex loses over 400 points, Nifty nears 17,600; BEML up 4%, SpiceJet down 4%

OPENING BELL: Sensex loses over 400 points, Nifty nears 17,600;  BEML up 4%, SpiceJet down 4%

Pre-Open Session: Sensex drops over 400 points; Sent at 17,580

ONLY ONE | The rupee hits a new record low

9.4 Cr Airtel shares were traded premarket in bulk deals

Price from 09/22/2022 8:51 a.mClick on company names for their live prices.

Rupee hits record low after Fed signals more aggressive rate hikes

The Indian rupee hit a record low against the dollar on Thursday after the US Federal Reserve hiked interest rates by 75 basis points on Wednesday and announced more large rate hikes. The rupee is expected to open around 80.25-80.30 per US$ in early trade, down from 79.9750 in the previous session. The previous record low for the local unit was 80.12 in late August.

Source: Reuters

Rupee hits record low after Fed signals more aggressive rate hikes

Asian stocks slide as Fed moves higher

The dollar rose to a fresh two-decade high against key rivals and stocks fell on Thursday after the Federal Reserve hiked US interest rates and forecast more hikes than investors had expected.

SGX Nifty signals a negative start

Slick futures on the Singapore Stock Exchange traded 133 points, or 0.75 percent, lower at 17,583, suggesting Dalal Street was heading for a negative start on Thursday.

Tech View: Nifty forms small-bodied candle ahead of US Fed result

Bears maintained control of the Nifty50 on Wednesday, pushing the index down almost 100 points, but the rally in the second half of the session helped the index close above 17,700.

Tokyo stocks open eyes on BoJ after US sell-off

Tokyo stocks opened lower on Thursday, extending Wall Street losses after the Federal Reserve announced a third straight jumbo rate hike, with the focus now shifting to the Bank of Japan meeting.

Wall Street plummets as investors take in the Fed’s bullish message

Wall Street’s main indexes wobbled before falling in the last 30 minutes of trading to end lower on Wednesday as investors digested another outsized hike by the Federal Reserve and its commitment to maintain hikes through 2023 to fight inflation.

Oil prices slide after US interest rate hike on demand fears

Oil prices slipped Thursday in early Asian trade after the US Federal Reserve raised interest rates sharply to curb inflation, with fears for the global economy casting a shadow over future fuel demand.

The rupee fell 22 paise to close at 79.96 against the dollar on FX outflows

The rupee fell 22 paises to close at 79.96 against the US dollar on Wednesday, reflecting the US currency’s strength in overseas markets and a muted trend in domestic stocks.

Sensex, Nifty on Wednesday

The 30-stock Sensex fell 262.96 points to end at 59,456.78. Its broader competitor, Nifty50, ended at 17,718.35, up 97.90 points.

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