Sensex Closing Bell: The stock market fell for the second consecutive day, but FMCG and auto boom...
Today on Thursday, the Indian stock markets saw a decline for the second consecutive day. Today, the BSE Sensex closed down 337.06 points or 0.57 percent at 59119.72, while the Nifty 50 saw a decline of 88.50 points or 0.50 percent. It closed at 17629.80. The decline of Nifty Bank was more than 50 percent in terms of Sensex and Nifty. Nifty Bank closed at 40630.60, down 572.85 points (1.39 percent).
If we talk about the sectors, Nifty Bank was the biggest loser. It was followed by Finance Services by 1.38 percent, Reality by 0.28 percent, and IT by 0.23 percent. In contrast, the FMCG index gained 1.30 percent. The auto sector also saw a rise (0.74 percent) today. Small-cap and mid-cap indices were marginally higher.
Nifty 50 closed almost where it opened
The main index Nifty 50, of course, saw a decline today, but it kept trading in a range throughout the day. In the morning it opened at 17,609.65 and closed at 17629.80. During this, it made a high of 17,722.75 and a low of 17,532.17.
The impact of the decision of the US Central Bank was visible
Significantly, the Central Bank of America raised interest rates for the third time in a row on Wednesday. US Federal Reserve Chairman Jerome Powell had announced an increase in interest rates by 0.75%, which had an impact on the Indian stock market today. To control inflation, interest rates have been increased for the third time in a row. Also, the US Fed has indicated that it may increase interest rates further in the coming meeting.
The last time interest rates were raised was on July 27. The US Fed is worried about inflation. The US Fed says it is committed to bringing inflation down to 2%. The central bank estimates that it can take interest rates to 4.6 percent by the year 2023. The benchmark rate can be increased to 4.4 percent by the end of the year. After this, it is estimated to increase to 4.6 percent in the year 2023.