Sensex Today: Indian shares were muted on Thursday, as IT losses offset gains in bank stocks, with investors seemingly looking past the US Federal Reserve’s comments suggesting a continued hawkish stance. The S&P BSE Sensex opened with a negative gap of 420 points at 60,485, but soon recouped losses and rebounded into the positive zone, gaining as much as 509 points from the day’s low. The gains, however, were short-lived as the BSE benchmark slipped back into red, and ended with a minor loss of 70 points at 60,836.
The NSE Nifty 50 was down 30 points at 18,053 at close on Thursday.
In the broader market, the BSE Midcap and Smallcap indices ended marginally higher. The overall breadth too was slightly positive, with nearly 1,800 shares advancing versus 1,670-odd declining stocks on the BSE.
Among individual stocks, shares of M&M Financial Services soared over 9 per cent despite 55 per cent YoY decline in net profit to Rs 492 crore in Q2FY23.
Besides, shares of Varun Beverages has surged 12 per cent in three days after the company reported a strong set of numbers for the third quarter ended September 2022 (Q3CY22).
Global Cues
Asian share markets slid on Thursday after the US Federal Reserve laid the groundwork for a protracted tightening campaign that torpedoed market hopes for a pause, sank bonds and lifted the dollar.
US stocks ended sharply lower on Wednesday, as comments from Fed Chair Jerome Powell shattered initial optimism over a Fed policy statement that raised interest rates by 75 basis points but signaled that smaller rate hikes may be on the horizon.
Oil futures fell early on Thursday as the dollar firmed on the Federal Reserve’s hawkish stance, but concerns over looming supply risks kept a floor under prices.Brent crude shed 44 cents, or 0.5%, to $95.72 a barrel at 0146 GMT, while U.S. West Texas Intermediate (WTI) crude futures retreated 59 cents, or 0.7%, to $89.41.
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