By Sensex Nifty Price, Share Market Today (Tuesday):
The Indian Rupee opened 2 paise stronger at 83.03 against the US dollar in the forex market today. The US dollar index futures, which measures the global currency against its six peers, is down 0.03 points, or 0.03 per cent at 104.29. In the stock market, this opening trend may impact investor sentiment and trading patterns.
Indian Benchmark indices opened with minor gains tracking weakness in Asian peers after strong US economic data and Federal Reserve’s recent commentary dampening hopes of rate cuts in March. BSE Sensex opened 239.40 points, or 0.33 per cent higher at 71970.80 while NSE Nifty inched 53.50 points, or 0.25 per cent higher at 21825.20.
International crude price advanced on concerns surrounding fuel supply, as ongoing war in Europe and West Asia refuses to decline. Brent oil futures gained 0.05 points, or 0.06 per cent at $78.04 a barrel while WTI oil futures inched 0.06 points, or 0.08 per cent at $72.84 per barrel.
Domestic benchmark indices closed lower on Monday due to a pullback in financials. According to exchange data, foreign portfolio investors (FPIs) bought a net $62.5 million worth of shares while domestic institutional investors sold stocks worth 11.89 billion rupees on a net basis.
“Stock Market Update: Sensex and Nifty Prices for Today (Tuesday)”
Asia-Pacific futures remained largely in red except for Chinese markets. CSI 300 index and Hang Seng advanced by 2 per cent following action against recent sell-offs in equities. The Reserve Bank of Australia is set to announce its policy decision, with markets expecting the central bank to hold rates at 4.5 per cent. Japan’s Nikkei fell 0.66 per cent at 36,114.06 while South Korea’s Kospi traded in red after dipping 0.52 per cent at 2,578.81.
Wall Street equities ended the previous session in red after swell-offs spurred by higher bond yields and an unlikely chance of rate cuts by the US Fed in March meeting. Fed Chair Jerome Powell’s comments led to bond rise by 13 per cent to 4.16 per cent. Mcdonald stocks dipped by 3 per cent on lower than expectation Q4 earnings. Dow Jones Industrial Average (DJIA) fell 0.71 per cent at 38,380.12 while S&P 500 and NASDAQ futures dipped 0.32 per cent and 0.20 per cent respectively.
The United States Federal Reserve raised its key interest rate by a quarter of a percentage point on Wednesday as the first decisive step to tame runaway inflation that has touched a 40-year high in that country.
This is the first time since 2018 that the US central bank has raised borrowing costs. The Fed had kept interest rates near zero since March 2020 as the Covid-19 pandemic dealt blows to the US economy. With the virus in retreat and prices raging, policymakers have signalled they are pulling support to the economy, and projected another six similar increases of rates over the rest of 2022.
