Stock Market Live Today: The Sensex and Nifty both lost a few points when the Indian stock market opened on Thursday. Information Systems and TechM lag, while Tata Steel improves. Additionally lax on Thursday morning are the Asian markets.
Share Market Today: In the opening hour, the Sensex and Nifty remain close to their closing from yesterday, with the metal sectoral indices holding an early lead and the IT index lagging.
On Wednesday, June 21, the domestic benchmark indices, the Sensex and the Nifty, closed at record highs thanks to gains from a few heavyweights, including the HDFC twins, Reliance Industries (RIL), and TCS, despite weak global cues prior to Federal Reserve Chair Jerome Powell’s testimony before Congress.
The chief investment strategist at Geojit Financial Services, Dr. V K Vijayakumar, says that “the wealthy valuation is the huge wall of worry, which can induce institutional selling beyond a point. The statement made by Fed Chairman Powell in his hearing before Congress yesterday that “the process of getting inflation back to 2% has a long way to go” is the negative trigger from a global standpoint. This suggests that this rate-hike cycle will continue, maybe with two more rate increases. The bond markets, nevertheless, showed no response to this hawkishness.
The Federal Reserve’s Jerome Powell stated that there is still a “long way” to go in the effort to reduce inflation, which led to a general decline in global market indices on Wednesday.