Markets may decline today

22 Jun 2023 , 09:02 AM

Indian stock markets may see a day of declines today. Yesterday, markets ended the day with gains. Sensex touched its all-time high.

Globally, US markets also closed under pressure as Fed Reserve Chair Jerome Powell hints at more interest rate hikes. Dow Jones closed 102 points lower. Nasdaq ended lower by 165 points. S&P 500 finished with 23 points decline.

Asian markets had a cautious beginning on Thursday following Federal Reserve Chair Jerome Powell’s reaffirmation of his recent hawkish stance. MSCI’s broadest index of Asia-Pacific shares outside of Japan fell slightly to 522.93. 

Chinese Shanghai Composite was 1.31% lower. Hong Kong’s Heng Seng ended 1.98% lower. Japan’s Nikkei 225 closed at the same levels in the previous session. Taiwan index was marginally up. South Korean Kospi is trading 0.47% higher.

Power Grid, ONGC, Adani Ports, HDFC Bank, and HDFC were the top gainers. JSW Steel, Hindalco, Divis Lab, Mahindra & Mahindra, and ITC fell the most.

Nifty Bank closed marginally higher (+0.21%). Nifty Midcap 50 stocks ended with an upside of 0.75%. 

Oil prices held their ground of the previous day as market participants anticipate an unexpected decline in US crude oil stock against the possibility of reduced demand.