First Published Jan 4, 2023, 9:42 AM IST
The Mumbai and National Stock Markets have opened the morning trade with a dip and have seen a fluctuating trend since the morning.
What is the reason for the decline?
The US stock market started yesterday after the holiday and ended with a decline. The Federal Reserve has said it will raise interest rates as long as rising inflation in the US is under control.
Stock market starts with decline: Nifty, Sensex fall: Zomato hit
Investors were cautious with the Federal Reserve meeting tonight, where an announcement on interest rate hikes could come.
Correspondingly, US stocks also strengthened and as the dollar appreciated, investors feared that interest rates might be raised. Consequently, the stock market has seen declines and fluctuations as investors trade cautiously in anticipation of the US Federal Reserve’s decision.
While foreign investors sold shares worth Rs 628 crore on the prospect of a Fed rate hike, domestic investors bought shares worth only Rs 350 crore.
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The Mumbai stock market fell 58 points before morning trade. Sensex fell 242 points to trade at 61,051 points on the Mumbai Stock Exchange in early trading. The Nifty is trading at 18,163 points, down 69 points on the national bourse.
Out of 30 companies on the BSE, 13 companies are up and 17 are down. IndusInt Bank, SunPharma, Bajaj Finance, AsianPaints, Axis Bank, Nestlé India, Mahindra & Mahindra, NTPC, Airtel, ITC are among the gainers.
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Shares of IndusInt Bank, Sunpharma, Britannia, PPCL, Asianpaints are moving with gains on Nifty. Stocks of Hindalco, ONGC, JSW Steel, Powergrid Corporation, SBI Insurance declined.
Banking, Financial Services, Pharmaceuticals and Public Sector Banks sectors are the gainers in Nifty. Real Estate, Metals, IT, Media, Automobile, FMCG sectors are in decline.
Last Updated Jan 4, 2023, 9:54 AM IST