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Share Market Updates Today: Indian equity benchmarks on Thursday extended their fall for the second straight session, dragged by technology, consumer durables, and automobile stocks. The domestic indices fell in line with broader global cues after the US Federal Reserve Chairman Jerome Powell said it was too soon to speculate over a rate hike pause. The US central bank raised interest rates by 75 basis points (bps) on Wednesday, the fourth such hike in a row, and said its battle against inflation would require borrowing costs to rise further.
Asian stocks dropped tracking an overnight decline on Wall Street. South Korea’s KOSPI fell 0.55 per cent, the Shanghai Composite index fell 0.19 per cent and Hang Seng Index slumped 3.08 per cent.
US stock futures tumbled, indicating a lower opening for Wall Street today. S&P futures fell 0.47 per cent, Nasdaq futures cracked 0.53 per cent higher and Dow Futures slipped 0.34 per cent.
On the domestic front, investors awaited the Reserve Bank of India’s (RBI’s) Monetary Policy Committee outcome. “The MPC today was all about giving the central government comfort and visibility on the RBI’s efforts to reign in inflation and bring it back closer to the target 4 per cent mark; it has consistently breached the upper tolerance threshold of 6 per cent for the last 3 quarters running,” said Karan Desai, Founder – Interface Ventures.
Meanwhile, foreign institutional investors bought a net Rs 1,436 crore worth of equities on Wednesday, while domestic investors sold Rs 1,378 crore of shares, as per provisional data available with the National Stock Exchange.
Here are the share market highlights:
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