Share Market LIVE: Sensex jumps over 500 pts, Nifty above 16,800; Wipro, SBI top gainers

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Good morning!

The equity market extended losses on Wednesday after RBI raised repo rate and CRR in a surprise announcement. Sensex crashed 1,306 points to 55,669 and Nifty ended 391 points lower at 16,677. Before the rate hike announcement by governor Shaktikanta Das, Sensex was trading 643 points lower at 56,332 and Nifty slipped 147 points to 16,921.

What’s next? Here are the latest updates!

9:16 am: Market opening

Equity benchmark Sensex opened 485 points higher at 56,154.33 and Nifty jumped 177 points to 16,854.75.

Wipro and SBI were the top gainers on Sensex, followed by Tata Steel, Ultratech Cement and Axis Bank.

Nestle India and Bharti Airtel were the top losers.

8:40 am: Global updates

US stocks ended sharply higher on Wednesday after the Federal Reserve delivered a widely expected interest-rate hike, and the S&P 500 recorded its biggest one-day percentage gain in nearly two years. Stocks initially see-sawed after the announcement, then the indexes strengthened. The S&P 500’s advance of almost 3 percent was the strongest since May 18, 2020.

The Dow Jones Industrial Average rose 932.27 points, or 2.81 percent, to 34,061.06, the S&P 500 gained 124.69 points, or 2.99 percent, to 4,300.17 and the Nasdaq Composite added 401.10 points, or 3.19 percent, to 12,964.86.

Asian shares tracked Wall Street gains on Thursday after the U.S. central bank raised interest rates by 50 basis points but sounded a less hawkish tone than some had feared, lifting investor sentiment but sending yields and the dollar lower.

MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 0.52 percent, although trading was thin with Japanese and Korean markets closed for public holidays.

8:30 am: Fed hikes rates by half percentage point to contain inflation 

The Federal Reserve on Wednesday raised its benchmark overnight interest rate by half a percentage point, the biggest jump in 22 years, and said it would begin trimming its bond holdings next month as a further step in the battle to lower inflation.

The U.S. central bank set its target federal funds rate to a range between 0.75% and 1% in a unanimous decision, with further rises in borrowing costs of perhaps similar magnitude likely to follow.

Despite a drop in gross domestic product over the first three months of the year, “household spending and business fixed investment remain strong. Job gains have been robust,” the rate-setting Federal Open Market Committee said in a statement following the end of its latest two-day policy meeting in Washington.

Inflation “remains elevated” with the war in Ukraine and new coronavirus lockdowns in China threatening to keep pressure high, it said. “The Committee is highly attentive to inflation risks.”

8:15 am: SGX Nifty

The Indian equity market is likely to open on a negative note today as SGX Nifty was trading lower at 16,842.80.

The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.

8:10 am: Market on Wednesday

The equity market extended losses on Wednesday after RBI raised repo rate and CRR in a surprise announcement. Sensex crashed 1,306 points to 55,669 and Nifty ended 391 points lower at 16,677. Before the rate hike announcement by governor Shaktikanta Das, Sensex was trading 643 points lower at 56,332 and Nifty slipped 147 points to 16,921.

Market cap of BSE-listed firms fell to Rs 259.75 lakh crore.

Bajaj twins, Titan, IndusInd Bank, HDFC Bank and Maruti Suzuki were the top Sensex losers, falling up to 4.29 per cent.

PowerGrid, NTPC and Kotak Bank were the only Sensex gainers, rising up to 2.75 per cent. BSE mid-cap and small-cap indices slumped 638 points and 599 points, respectively.

The market breadth was negative with 835 shares ending higher against 2,539 stocks falling in the red. 101 shares were unchanged.