ANI
21 Sep 2023, 15:03 GMT+10
New Delhi [India], September 21 (ANI): The selling spree continues in Indian stock markets for the third straight session as the US central bank while keeping its interest rate steady in the September meeting, hinted that it may again hike rates going ahead if need be, in its fight against inflation.
Rising global crude oil prices and subsequent strengthening of the US dollar also weighed on the financial markets.
The US benchmark index- Nasdaq - edged 1.5 per cent lower at the closing bell Wednesday. Benchmarks in India -- Sensex and Nifty -- were 0.5 per cent lower from their previous close at the time of filing this report.
On Monday and Wednesday, Indian stock indices closed in the red, with the benchmarks largely witnessing profit booking. Investors may have taken some money off the table after the indices hit their fresh highs last week.
Markets were closed Tuesday on the occasion of Ganesh Chaturthi.
The US central bank had hiked the interest rate on 12 occasions, necessitated in the fight against soaring inflation. Raising interest rates is a monetary policy instrument that typically helps suppress demand in the economy, thereby helping the inflation rate decline.
The US central bank reiterated its aim to achieve inflation at the rate of 2 percent over the longer run, against 3.7 per cent reported in August.
"The Committee is strongly committed to returning inflation to its 2 percent objective," US Federal Reserve Chair Jerome Powell said after the monetary policy meeting.
"...Federal Reserve is adopting a cautious approach to its monetary policy, prioritizing the reduction of the inflation rate to 2 per cent before considering any interest rate cuts. As a result, it is anticipated that risk assets, including the U.S. stock index, will remain under pressure. This, in turn, could have indirect repercussions on the Indian market," said Jayden Ong, Senior Market Analyst, APAC at Vantage. (ANI)
Get a daily dose of Greek Herald news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Greek Herald.
More InformationBRUSSELS, Belgium: To address power shortages at electric vehicle (EV) charging stations, last week, the European Commission announced plans to ...
REDMOND, Washington: Microsoft President Brad Smith said there is no chance of super-intelligent artificial intelligence (AI) being developed within the ...
The country is maintaining ?momentum? as the world's fastest-growing major economy, Finance Minister Nirmala Sitharaman saidIndia has lifted 135 million ...
Mumbai (Maharashtra) [India], December 8 (ANI): The limit for UPI transactions to hospitals and educational institutions has been raised by ...
Mumbai (Maharashtra) [India], December 8 (ANI): The Reserve Bank of India (RBI), while maintaining the status quo in key policy ...
Mumbai (Maharashtra) [India], December 8 (ANI): The Monetary Policy Committee of the Reserve Bank of India (RBI) in its December ...
The U.S. has supplied Israel with scores of BLU-109 bunker-buster bombs since October 7, the Wall Street Journal has reported, ...
Israel intensified its deadly bombardment of the Gaza Strip Saturday as renewed fighting with Hamas entered a second day following ...
Tel Aviv [Israel], December 8 (ANI): The United Nations Relief and Works Agency for Palestine Refugees (UNRWA) said on Friday ...
National Security Spokesman John Kirby insisted the country is going the extra mile to aid the besieged Palestinian enclaveA top ...
The heavily fortified Green Zone in the Iraqi capital was reportedly targeted by over a dozen projectilesBaghdad's Green Zone district, ...
Kabul [Afghanistan], December 8 (ANI): The United Nations High Commissioner for Refugees expressed concern about the situation of Internally Displaced ...