Market Highlights: Sensex crashes 570 pts, Nifty tanks 160 pts; Bank, Auto lag; SBI, M&M, ICICI shed | Mint
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Business News/ Markets / Live Blog/  Market Highlights: Sensex crashes 570 pts, Nifty tanks 160 pts; Bank, Auto lag; SBI, M&M, ICICI shed
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Market Highlights: Sensex crashes 570 pts, Nifty tanks 160 pts; Bank, Auto lag; SBI, M&M, ICICI shed

Share Market Updates: The Indian stock market traded on a sluggish note for 3rd session in a row on Thursday as Sensex dropped almost 600 pts and Nifty more than 150 pts. M&M, SBI, ICICI Bank, Cipla dragged, while Adani Ports, TechM gained. IT, Most sectors ended in red with Bank lagging the most.

Sensex Today | Share Market Updates: Fed's hawkish stance will remain in focus in today's session Photographer: Adeel Halim/BloombergPremium
Sensex Today | Share Market Updates: Fed's hawkish stance will remain in focus in today's session Photographer: Adeel Halim/Bloomberg

Share Market Updates: The Indian market took a cue from the overnight Wall Street drag and remained in the red in today's session. Benchmark indices fell almost a per cent lower.

Most sectors close lower amidst a hawkish Fed tone on future rate hikes and rising oil prices. 

Asian shares are lower, tracking a slump on Wall Street after the Federal Reserve said it may not cut interest rates next year by as much as it earlier thought.

The Fed held its main interest rate steady at its highest level in more than two decades, as was widely expected. Fed Chair Jerome Powell said it's close to hitting the peak on rates, if not there already.

US 10-year bond yields rose to a 16-year high as Brent crude hovered around $96 a barrel, up by about a third over the last three months after Opec+, a grouping of oil-producing nations, cut output.

21 Sep 2023, 07:52:06 AM IST

Sensex Today Live | Share Market Updates: Saudi cuts Asian Premium after India taps Russian oil

Saudi Arabia, the world’s second-largest oil producer, has slashed the premium charged on exports to India while many others have discontinued it altogether, a person aware of the matter said, after India began sourcing the bulk of its energy requirements from Russia.

Asian premium is an extra amount levied by the Organization of the Petroleum Exporting Countries (Opec) from Asian countries above the actual selling price. India has repeatedly pressed oil producers to eliminate this premium and even asked for an ‘Asian discount’ instead. Saudi Arabia has now reduced the premium to $3.5 per barrel from around $10 in the past year, the person said. (Read More)

21 Sep 2023, 07:47:50 AM IST

Sensex Today Live | Share Market Updates: Government to sell 4.9% stake in SJVN via OFS

The offer for sale (OFS) in SJVN is set to commence tomorrow for non-retail investors, while retail investors will have the opportunity to bid starting on Friday. The government is planning to divest 4.92% of its equity in SJVN, which includes a Green Shoe option of 2.46%. This divestment will involve the sale of a 4.92% stake in SJVN, with a floor price of 69 per share, over the course of a two-day offer for sale, as confirmed by an official source. (Read More)

21 Sep 2023, 07:30:07 AM IST

Sensex Today Live | Share Market Updates: Wall Street falls after the Federal Reserve warns rates may stay higher in 2024

U.S. stocks slumped Wednesday after the Federal Reserve said it may not cut interest rates next year by as much as it earlier thought, regardless of how much Wall Street wants it.

The S&P 500 fell 41.75, or 0.9%, to 4,402.20. The Dow Jones Industrial Average lost 76.85, or 0.2%, to 34,440.88, and the Nasdaq composite dropped 209.06, or 1.5%, to 13,469.13.

The Fed held its main interest rate steady at its highest level in more than two decades, as was widely expected from its latest meeting. Officials also indicated they may raise the federal funds rate one more time this year, as the Fed tries to get inflation back down to its target of 2%. Fed Chair Jerome Powell said it's close to hitting the peak on rates, if not there already.

Perhaps most importantly for the market, Fed officials suggested they may cut rates in 2024 by only half a percentage point from where they're expected to end this year. That's less than the full percentage point of cuts they were penciling in as of June. That could be a negative for Wall Street, where investors crave rate cuts because of the boost they typically give to all kinds of investments. (AP)

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