Markets in red

9 Mar 2023 , 02:08 AM

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.

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