Indian stocks fall further ahead of Fed summit

Mumbai: Indian stocks fell further on Wednesday, with heavyweight Reliance Industries and financial stocks, and investors watched the US Federal Reserve’s policy statement later in the day. The blue-chip NSE Nifty 50 index fell 0.43% to 15,804.20 and the benchmark S&P BSE Sensex fell 0.29% to 52,620.97 at 0457 GMT. Both indices closed at a record high on Tuesday. “The market may be reluctant to push higher ahead of the Fed meeting. The possibility of further upswing strongly depends on the continuation of liquidity. If the Fed were to tighten interest rate screws, there is a possibility that the markets may not see it that way. favorable, ”said Anand James, chief market strategist at Geojit Financial Services. If the Fed gives an idea of ​​interest rate hikes, the Indian market can expect the Reserve Bank of India to follow its example due to the higher inflation in the country. That may not be positive, especially since more states are lighting curbs, he said.

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In Mumbai trading, Reliance Industries Ltd and HDFC Ltd were the best draws on the Nifty 50, shaking off 0.9% and 0.6% respectively. Shares of confidence have gained out of eight in the past five trading sessions. The Nifty Bank Index and the Nifty Private Bank Index have risen more than 0.30% so far this week. Tata Steel Ltd and JSW Steel Ltd fell 2.7% and 2.4% respectively, lowering the Nifty Metal Index 2.4%. China has intensified its campaign to raise commodity prices by expanding its oversight of state-owned enterprises on commodity trade to overseas markets, Bloomberg News reported on Wednesday. In the broader Asian market, stocks were subject to the Fed meeting.