Indian Stock Market Experiences Mixed Day Ahead of US Federal Reserve Rate Decision
Anticipation Builds for US Federal Reserve’s Interest Rate Decision
The Indian stock market witnessed a day of mixed performance on Wednesday as investors eagerly awaited the interest rate decision by the US Federal Reserve. The Sensex dropped to 63,772.41, while the Nifty 50 fell to 19,050.20 by midday. Despite this downward trend, some sectors, including realty and energy, managed to advance, while the metals sector experienced a sharp decline.
US Government’s New Borrowing Plan Comes Under Scrutiny
Simultaneously, the market experienced a slight dip after rebounding on the final day of October. This shift occurred as the US government’s new borrowing plan came under scrutiny and raised concerns among investors.
Key Indian Companies Impact Market Trends
The performance of key Indian companies also influenced the market trends. Bajaj Finance, Mahindra & Mahindra, Reliance Industries, State Bank of India, and Tata Consumer Products made positive contributions to the Nifty. On the other hand, Axis Bank, Asian Paints, HDFC Bank, Larsen & Toubro, and Kotak Mahindra exerted downward pressure.
S&P BSE MidCap Index Sees Slight Rise
The S&P BSE MidCap index experienced a slight rise, while the market index fell. Among the 20 sectors compiled by BSE Ltd., eleven declined. Market breadth on BSE favored buyers, with the Telecommunication sector experiencing the most significant increase.
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