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Sensex, Nifty fall, two-day winning streak stalled on deep selling in global markets

Sensex, Nifty fall, two-day winning streak stalled on deep selling in global markets

Stock Market India: Sensex index fell over 200 points in early trade

Equity benchmarks fell on Wednesday, tracking a sea of ​​red in Asian markets after a deep sell-off in Wall Street shares, halting a two-day winning streak as investors swung into the US Federal Reserve’s aggressive rate hike later. increased in the day.

Prashant Taapsee, Senior Vice President, Research, Mehta Equities, said before the opening, “The domestic stock market is likely to retreat in early trade on Wednesday. bell

“Markets are likely to trade in choppy waters intra-day as traders eagerly await the outcome of US Fed policy meeting on interest rates,” he said.

The 30-share BSE Sensex index fell 227.93 points to 59,491.81 and the broader NSE Nifty-50 index fell 55.05 points to 17,761.20.

“The broader market trend now is India is outperforming other markets, especially the mother market US. The big question is whether it can continue to outperform. This is possible because the Indian economy and corporate earnings are outperforming. Vijayakumar, Chief Investment Strategist, VK Geojit Financial Services told ANI.

However, the risk is the high valuation of Indian stocks, Mr. Vijayakumar said.

“If there is a sharp cut in the US market on fears of recession, sharp rate hikes or the Ukraine war intensifies, as some now fear, the Indian market will also be affected,” he said.

Stocks in Asia sank after plunging shares on Wall Street pushed the S&P 500 down more than 1 percent overnight, even as futures indicated a slightly higher opening Wednesday.

Markets were on edge due to the risk of a sharp Fed rate hike, with futures pricing expected to rise by 81 percent and 75-basis-point growth and a full 19 percent possibility of a percentage point increase.

Markets economist Taylor Nugent at National Australia Bank in Sydney wrote in a client note that markets “are well positioned for a 75 bps increase with a hawkish update” from the Fed.

“Post meeting commentary and updated dots will be important,” Mr Nugent said, adding that NAB was looking for a policy rate of “something like 4 percent” later this year, with no rate cut expected until 2024.

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