Nifty, Sensex Recoup Early Losses, Sell-Off Continues on Powell’s Hawkish Stance
By Malvika Gurung
Investing.com — The domestic market indices made a negative opening on Wednesday following similar cues from global markets after Fed Chair Jerome Powell’s hawkish comments stating that the central bank will likely need to raise interest rates for a longer period to control inflation.
He said that the Fed is all set to take larger rate hikes following strong economic data, and will likely move in larger steps if future economic data indicates tougher measures to rein inflation.
Benchmark indices slipped 0.16% to 17,683.8 and dipped 0.18% or 109.9 points while writing, recouping early trade losses.
The market fear barometer surged 4% to 12.8 levels.
Adani biggies Adani Enterprises (NS:) and Adani Ports led the Nifty pack’s gains on Wednesday, jumping up to 5% in the session, followed by heavyweights including ITC, L&T, Bajaj Auto (NS:), Tata Consumer and Tata Steel (NS:), among others, while market majors including Bajaj Finance (NS:), Infosys (NS:), Sun Pharma (NS:), Bajaj Finserv (NS:), Titan (NS:) and Hindalco (NS:) led the losses.
Most sectoral indices under the Nifty umbrella traded in red, led by and , while and registered gains. declined 0.27% and fell 0.7%.
Asian stocks tumbled on Wednesday following an overnight fall on Wall Street after Powell’s hawkish comments on the possibility of the Fed raising rates longer than anticipated, leading to the risk-off mood continuing in Asian trade.
