Last Updated: January 04, 2023, 13:49 IST
Indian stock market is deep in red as Sensex is below 61,000
Indian stock market is deep in red as Sensex is below 61,000 and Nifty below 18,100; Know why market is falling today?
Domestic equities started flat with a negative bias on Wednesday. They further extended their decline ahead of the US Federal Reserve’s meeting minutes which could throw some light on the US central bank’s interest-rate hiking path in 2023. By noon, the Sensex was down 638.80 points, or 1.04 percent, to 60,655.40, and the Nifty lost 191 points, or 1.05 percent, to 18,041.50.
In the broader markets, the BSE MidCap and SmallCap indices fell up to 1 per cent. All sectors, too, plunged in the sea of red. The Nifty Metal and Realty indices lost over 1 per cent each.
Globally, investors are keenly monitoring minutes of the Federal Open Market Committee (FOMC) December meeting that will indicate the signs of interest rate hike trajectory in the new year. The minutes will be released later tonight. Apart from global trends, Indian investors will also keep an eye on corporate earnings to get a better sense of the economy.
FOMC Minutes
At the conclusion of the December 13-14 meeting of the FOMC, the interest rate was hiked by 50 basis points (bps) to a target range of 4.25 per cent to 4.5 per cent. While this was a step down from 75bps, policymakers published new projections on higher inflation expectations.
Officials now see inflation ending 2023 at 3.1 per cent, according to their median projection, compared with 2.8 per cent in the previous quarterly forecast released in September.
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