Stock Market Updates: Sensex, Nifty Slide Following Fed Minutes; Banks, Oil & Gas Drag

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by Sandip Das on 22 February 2024,  5 min read

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The Indian stock market was trading in the red following US Fed minutes. At 12:44 PM, Sensex was down 300 points at 72,322.73 while Nifty shed 98 points and was trading at 21,956.95.

The bulk of policymakers at the Federal Reserve’s last meeting were concerned about the risks of cutting interest rates too soon, with broad uncertainty about how long borrowing costs should remain at their current level, according to the minutes of the Jan. 30-31 session, according to a Reuters report.

“Participants highlighted the uncertainty associated with how long a restrictive monetary policy stance would need to be maintained” to return inflation to the US central bank’s 2 percent target, said the minutes, which were released on Wednesday.

Around 1067 stocks advanced and 1285 declined while 112 stocks remained unchanged.

Among the sectors, Bank Nifty shed 1 percent while oil & gas was down 0.5 percent. On the other hand, buying was seen in IT, Media, and Metal space which added 0.5 percent each.

Also read: GPT Healthcare IPO: Top Things To Know Before Subscribing To The Issue
Top Nifty50 Gainers
Company Name Last Traded Price (Rs) % Change
Eicher Motors 3900.95 1.68
HCL Technologies 1660.15 1.46
Coal India 438 1.17
Bajaj Auto 8313.85 0.99
Hindalco Industries 516.75 0.97
Top Nifty50 Losers
Company Name Last Traded Price (Rs) % Change
IndusInd Bank 1468.45 -3.22
BPCL 617 -2.56
Titan Company 3580.05 -2.09
Grasim Industries 2153 -1.87
Hero MotoCorp 4456 -1.74
Asian Markets Updates:

Major Asian markets were trading in the green with Nikkei up 2.14 percent at 39,098.68 at 12:56 PM. Hang Seng gained 0.99 percent at 16,666.72 while Kospi was up 0.41 percent at 2,664.27.

GPT Healthcare IPO

GPT Healthcare Ltd opened its initial public offering (IPO) for bidders on February 22, 2024. The company will close the issue on February 26, 2024. The mid-sized multi-specialty hospital has fixed the price band of its public issue between Rs 177 to Rs 186 per equity share. The company aims to raise 525.14 crore from its public offer, with only Rs 40 crore expected via the issuance of fresh shares. The offer for sale (OFS) reserves the remaining Rs 485.14 crore.

The company will utilize the net proceeds from the issue for repayment or prepayment of certain outstanding borrowings and general corporate purposes.

Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.

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