Sensex, Nifty fall ahead of Fed’s rate hike decision; PSU Bank, Metal, IT lag
Benchmark indices ended in the red ahead of the Fed’s rate hike decision.
Investors are also anxiously waiting for signals from the central banker on whether Wednesday’s anticipated hike will be the last of the cycle or if further increases are possible if inflation remains high.
Negative global cues drag the market on Wednesday as Sensex sheds 160 pts and Nifty 50 pts; all eyes on Fed’s rate hike decision
The key equity benchmarks of the domestic market made losses on Wednesday tracking weak global cues.
Investors turned cautious amid the anticipation that the US Federal Reserve might hike key policy rate later on Wednesday.
Sensex and Nifty had been ending in the green for eight consecutive days till Tuesday.
BSE Sensex was down 161 points to close at 61,193 and Nifty dropped 58 points to end at 18,089 on Wednesday.
Adani shares dragged as Adani Enterprises shed 4.4% and Adani Ports 2%.
ONGC, UPL and Airtel were other laggards in the Nifty 50 index.
Hindustan Unilever and Asian Paints gained more than a per cent each.
Most sectoral indices ended in the red with PSU Bank, IT and Metal closing around a per cent lower. FMCG gained 0.78% with Realty and Media also closing in the green.
Four out of 15 Nifty sectoral indices closed in the green.
Asia’s stock markets fell in thin trade on Wednesday, as investors contended with signs of a softening U.S. economy, and were in full flight from U.S. regional lenders, ahead of an expected U.S. interest rate hike later in the day.
Japan and Mailand China markets were on a holiday. South Korean shares fell nearly 1% amid caution ahead of Fed’s rate decision due later in the day. The won strengthened, while the benchmark bond yield fell. The benchmark KOSPI fell 0.91%.
Hong Kong stocks snapped a four-session rally on Wednesday as investors remained concerned that a softening U.S. economy and troubles in the country’s regional lenders could slow Asia’s growth.
The Hang Seng Index ended 1.18% lower, while the Hang Seng China Enterprises Index fell 1.36%.
European shares rose on Wednesday as investors turn optimistic that U.S. Federal Reserve may signal a pause in its 14-month tightening cycle after raising interest rates for the last time later in the day.
UK stocks rose on Wednesday after a sharp selloff in the previous session, with markets keenly awaiting the U.S. Federal Reserve’s interest rate decision later in the day.
DroneAcharya Aerial Innovations achieves 417% growth in revenues and 742% growth in profits
The company registered a growth of 417% in total revenues at Rs. 18.57 crore during FY 2022-23 as compared to Rs. 3.58 crore for FY 2021-22.
The company’s EBITDA and profits after tax stood at ₹4.99 crore and 3.42 crore, respectively, with both registering a 700% upwards growth as against FY 2021-22.
The year’s performance was led by scale impact kicking in during H2FY23 – with revenues for the half year growing at 172%.
