Market records steepest weekly declines in over two years
At close, Sensex ended near the 78,000 mark, shedding 1.5% from the previous session, while the Nifty fell below 23,600, also down 1.5%.
Indian stock indices extended their gains for the third straight session in line with the latest strength in US stock markets.
The minutes of the US Federal Reserve’s latest monetary policy review meeting which showed a substantial majority of members judged that a slowing in the pace of increase in policy rates would “soon be appropriate” also supported stock markets.
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“A slower pace in these circumstances would better allow the Committee to assess progress toward its goals of maximum employment and price stability,” the US Fed minutes published on Wednesday (local time) said.
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In opening session, Sensex traded at 61,828.47 points, up 317.89 points or 0.52 per cent, whereas Nifty traded at 18,370.30 points, up 103.05 or 0.56 per cent.
“U.S. stock indexes finished higher for a second day on Wednesday in a choppy session after the latest meeting minutes from the Federal Reserve showed most policymakers expect a slower pace of interest rate hikes will “soon be appropriate”, even if they are uncertain how high the benchmark rate will rise,” said Deepak Jasani, Head of Retail Research at HDFC securities.
The rupee too appreciated marginally this morning. It opened at 81.72 against the US dollar versus Wednesday’s closing of 81.85.
In October, the rupee breached the 83 mark for the first time in its history. So far this year, the rupee has depreciated around 8-9 per cent.
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