Markets recover from early losses to trade flat; Banking stocks outperform

14 Sep 2022 , 03:05 PM

Equity benchmark indices recovered from intraday steep losses in the late afternoon session on Wednesday. The domestic bourses, which started on a bearish note, surged gradually as banking and metal indices rises more than 1% each, while IT and realty continues to log profit bookings during highly volatile session.

At around 3:00 PM, the BSE Sensex is trading flat at 60,607.89 higher by 36.81 or 0.06% while the broader NSE Nifty advanced 8.40 points or 0.05% higher at 18,078.45.

IndusInd Bank is the top Nifty gainer surged more than 4.6% followed by State Bank of India, NTPC, Kotak Bank and PowerGrid climbed between 2-2.5%

Meanwhile, Infosys, TCS, Tech Mahindra, HCL Tech and SBI Life continued to fall between 1.5-4%.

During Wednesday opening hour of trading, the market had crashed as investors feared by a higher US inflation print that had beat the Wall Street anticipation and elevated concerns of tighter monetary policy by the Federal Reserve.

The equity benchmark indices showed a sharp recovery from its morning lows as the Sensex tanked nearly 1,154 points, while Nifty was 300 points in the red at the opening today.

The surging inflation has raised the prospect of a more hawkish move by the US Fed. Markets now expect the terminal Fed Funds rate to be 4.25 percent. There is a 20 percent chance of a 100 basis point hike in the policy meeting which is going to held next week, according to whiffs in the market.

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