Just when we think that everything is good for the Indian stock market something or the other happens that changes our perspective about the same. The market recently crossed the 18,000 mark again after several bearish sessions and volatile trends. However, the recovery was not for long as it succumbed due to updates regarding the U.S. Federal Reserve’s decision.
Indian Stock Market News Today
The Indian stock market indices were fluctuating immensely as they switched between ‘red’ and ‘green’ metrics. The NSE Nifty 50 index was down by 0.01% and traded at 18,081.40 (losing 1.45 points) at the time of writing on Thursday, November 3, 2022. The index saw 27 out of 50 stocks advancing, which is not that bad but not too positive as well. But yes, it maintained its position over the 18,000 mark, which is indeed notable.
On the other hand, BSE Sensex India tried hard to fight against the volatile trends. However, Sensex India lost 0.01% and traded at 60,908.17 (declining by 4.94 points) at press time. However, it is still close to breaking the 61,000 mark and reaching a new 52-week high. Therefore, we think that hope is still left.
The Fed, on its part, made clear indications that they would not consider slowing down the pace of interest rate hikes in a bid to regulate inflationary pressures. This was seen as they raised the interest rates by a huge 75 basis points on Wednesday, November 2, 2022. Jerome Powell, the Chairman of the Fed, in a statement noted that:
In addition to the Nifty 50 and Sensex, we spotted that the highest drop was made by the Nifty IT index, which first was down by 1% and then recovered a bit to be in the ‘red’ by 0.70% as it traded at 28,931.55 (down by 201.10 points). It is still uncertain whether the market will ever recover completely. In the case of Nifty 50, it seems that maintaining the 18,000 mark would also be a problem if such a downtrend continues.