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Stock Market Update: Sensex Drops 100 pts, Nifty Tests 15,700; Tata Steel Up 2%; Key Points

The markets opened on a flat note as global cues turn mixed on Wednesday morning. At 09:16 IST, the Sensex was up 67.57 points or 0.13 per cent at 52761.14, and the Nifty was up 24.30 points or 0.15 per cent at 15756.40. About 1415 shares have advanced, 348 shares declined, and 73 shares are unchanged.

Top Gainer and Losers

Tata Steel, Bajaj twins, M&M, Wipro, Asian Paints, IndusInd Bank, SBI and Maruti were the top gainers on the 30-share Sensex. HUL, Reliance, Bharti Airtel and HDFC twins, meanwhile, were the handful of losers.

 All eyes will be on the US Federal Reserve’s (US Fed) rate decision post their 2-day June meeting. As per street estimates, the central bank is expected to raise interest rates by at least 50 basis points after the US inflation soared to 41-year high of 8.6 per cent in May.

Global Cues

Wall Street stocks mostly fell Tuesday as markets awaited a key Federal Reserve decision and digested another report showing elevated inflation. The Dow Jones Industrial Average finished down 0.5 per cent at 30,364.83. The broad-based S&P 500 fell 0.4 per cent to 3,735.48, while the tech-rich Nasdaq Composite Index gained 0.2 per cent to 10,828.35.

Tokyo stocks opened lower on Wednesday in cautious trade ahead of a key US Federal Reserve decision and with expectations rising for an even tougher rate hike than previously telegraphed The benchmark Nikkei 225 index was down 0.16 per cent, or 42.49 points, at 26,587.37 in early trade, while the broader Topix index was down 0.18 per cent, or 3.34 points, at 1,875.11.

Asian markets were in a pensive mood on Wednesday as shell-shocked investors waited to see just how aggressive the Federal Reserve would be on rates, with many fearing drastic action would risk tipping the world into recession. Treasury yields hit decade highs and the dollar a 20-year peak as futures implied it was near certain the Fed would hike by 75 basis points to a range of 1.50-1.75 per cent later on Wednesday.

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