NEW DELHI: Domestic equity indices on Tuesday took the losing run to the third straight day, tracking a 2 per cent slump in US stocks overnight. Losses, for now, were limited, ahead of the monthly futures and options expiry, and some recovery in US stock futures that suggested a flat to positive start for US indices later in the day.
At 9.55 am, the BSE Sensex was trading over 200 points or 0.35 per cent higher at 59,006.04. The index was down 600 points in early trade. Nifty50 tested a sub-17,350 level, but recovered. It was trading at 17,567.15, up 86 points or 0.44 per cent. The midcap and smallcap indices rose to 0.46 per cent .
“The market mood has suddenly changed after the release of the Fed minutes which indicate steeper rate tightening than what the market had discounted. Now, the focus will be on what the Fed chief Powell will say at the Jackson Hole symposium on Friday,” said V K Vijayakumar of
.
Vijayakumar said if Powell sounds less hawkish, there can be a relief rally; otherwise the present drift will continue.
Among Sensex stocks,
fell 1.92 per cent to Rs 1,545.15. , and dropped 1.72 per cent, 1.63 per cent and 0.79 per cent, respectively. , TCS, and Dr Reddy’s Labs edged up to 0.7 per cent lower.
Gainers included
, Mahindra & Mahindra and , which gained up to 2.11 per cent. , and added 1 per cent each. , , L&T and advanced up to 1.1 per cent.
In overnight trade, Dow Jones plunged 1.91 per cent to 33,063.61, S&P500 tanked 2.14 per cent to 4,137.99 while Nasdaq tumbled 2.55 per cent to 12,381.57.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsBit.us is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
