MARKET LIVE: Sensex sheds 450pts, Nifty50 below 17,550 in pre-open deals

Equity market

(Photo: Bloomberg)

Stock market live updates: The Sensex and Nifty benchmark indices are looking to start Thursday’s session on a shaky ground following a global sell-off after the US Fed raised its benchmark rate by another 75 bps overnight.

At 7:40 am, the SGX Nifty futures were nearly 150 points lower at 17,575 levels.

The US central bank delivered its third consecutive large hike and projected that the benchmark rate will reach 4.6 per cent in 2023, hinting at more hikes this year.   

Besdies, Fed Chair Jerome Powell also hinted at distress for the economy ahead as he sees no painless way to defeat inflation. 

Global markets

Following this, the Dow and the S&P 500 shed 1.7 per cent each and the Nasdaq slid 1.8 per cent on Wednesday.

The yield on the US 2-year bond hit 4.1 per cent to its highest level since 2007, while that on the benchmark 10-year bond rose to a high of 3.64 per cent, its highest since February 2011.

Asian indices also headed lower this morning. Nikkei dropped 1 per cent, Hang Seng over 2 per cent, S&P/ASX 200 and Kospi were down 1.5 per cent each.

Back home, among stocks PB Fintech will be in focus as the company will invest Rs 650 crore in its subsidiary Policybazaar Insurance Brokers, and Rs 250 crore in another subsidiary Paisabazaar Marketing And Consulting.


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