Indian share markets closed flat as Fed rate hike looms


On Friday, Indian share markets closed flat tracking weak global cues as investors are nervous over a possible interest rate hike by the US Federal Reserve in March policy review.

The 30-share benchmark Sensex opened lower and fell 124 focuses in intraday exchange and shut down 0.03% at 28,832.45. The Nifty was down 0.02% at 8,897.55 as financial specialists booked benefits and as worldwide vulnerabilities over Fed rate climb and Brexit.

Reliance Industries finished at 2% on hopes over its telecom unit, Jio, with CLSA citing optimistic assessment provided by the company at an analyst meeting.

GAIL completed 3.7% on news it has marked a period swap manage Swiss dealer Gunvor to offer some of its US condensed characteristic gas (LNG).

Hindalco Industries Ltd shut 9% after the organization said it would bring $500 million up in a share offering to reimburse its obligation.

Japan’s Nikkei fell 0.5%, Hang Seng 0.7%, Kospi was down 1.1% and Strait Times 1% and Shanghai 0.3%.

Europe was all in red in intraday exchange as an euro zone expansion rose and political vulnerabilities in France wait.

The dollar gained on expectation of Fed rate hike, which halted the winning streak at the Wall Street.

On Thursday, UK Prime Minister Theresa May vowed to trigger Article 50 on March 15 for leaving European Union in spite of a staggering thrashing at the House of Lords.

Hawkish remarks from Fed authorities boosted the probability of rate hike this month to 74% from just 30% at the start of the week. Investors are waiting to hear Fed chair Janet Yellen and vice-chair Stanley Fischer later on Friday to get fresh cues.

Oil prices fell as Russian crude production remained unchanged in February, raising questions over the arrangement to cut yield according to the OPEC bargain. Be that as it may, it recouped in intra-day to $52.7 a barrel.