MUMBAI: Desperation swept over global markets on Thursday after the US Federal Reserve indicated a slower easing of interest rates, sending Indian stocks lower for the fourth day in a row. Markets now await the onset of the annual Santa Claus rally, when stocks tend to rise during the Christmas-New Year holiday season.
While reducing the US policy rate by 25 basis points, the Fed signaled it may reduce rates twice in 2025 instead of four times as projected earlier. The Nifty and Sensex fell in line with global peers as foreign investors dumped domestic bluechip stocks. The cut in Fed's rate forecast strengthened the dollar, dragging the rupee below 85 per dollar to a new low.
The Nifty closed below 24,000, settling 1.02% lower at 23951.70, while the Sensex closed below 80,000, shedding 1.2% to 79218.05. The day saw intense selling in banks, technology, and oil and gas, heavyweight sectors where foreign portfolio investors (FPIs) have a sizeable presence.
The market undertone remains bearish, with domestic indices likely to take cues from their global peers, though analysts don't rule out a bounce after the straight four days of straight decline.
This story is from the December 20, 2024 edition of Hindustan Times Thane.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the December 20, 2024 edition of Hindustan Times Thane.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Cummins, the pace spearhead driving Australia's serial success
Knack for wickets, unparalleled control and a never-say-die attitude for which Glenn McGrath will be revered as possibly the greatest Australian fast bowler in the last four decades.
Agarkar To Brief Selectors Ahead Of BCCI Meet On Sunday
The selection committee will be in full attendance for the knockout rounds of the Vijay Hazare Trophy one-dayers in Vadodara, which start with the pre-quarter finals on Thursday.
Djokovic: At his happy hunting ground, with an old foe in tow
The Serbian has worked with Becker, Agassi and Ivanisevic. In Murray he has access to the mind of a master tactician
Indian Hockey Players Bonding With the Best in Relaunched HIL
Skipper Sumit Walmiki and Australian Tim Brand walked to the dugout, shared a laugh and high-fived after Hyderabad Toofans' practice.
Shooter Tomar finds fresh high after domestic double
Varun Tomar's dream of representing India at the Paris Olympics was crushed when he lost in the domestic selection trials to pick the final squad.
Neeraj to star in a world javelin event in India
India's two-time Olympic medallist and reigning world champion Neeraj Chopra will be the star attraction in a marquee international javelin tournament at home later this year, the Athletics Federation of India (AFI) said on Tuesday.
Cloud over review of 14-yr-old trade pact with Asean
THE REVIEW HAS STALLED SINCE INDIA'S OFFER OF A UNIFIED DUTY STRUCTURE HAS NOT FOUND FAVOUR AMONG ASEAN MEMBERS
Meta Goes For Community Notes, Ends Fact-Checking
Meta Platforms chief executive officer (CEO) Mark Zuckerberg on Tuesday announced a decision to do away with the company's long-standing fact-checking teams—choosing instead to establish a 'community notes' mechanism akin to Elon Musk's X, formerly Twitter.
Microsoft to Invest $3 Billion in AI, Cloud Expansion in India
The tech giant also plans to train 10 million people in AI skills in India by 2030
Capex allocation likely to rise 10% for roads, rlys
The Centre proposes to keep its focus on rapid infrastructure growth in the next financial year, with plans to push capex allocation for the ministries of road transport and highways, and railways in the upcoming budget by up to 10%, two persons aware of the development said.
