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)
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