![Stock Market Updates: Sensex, Nifty50 Flat; IEX Tumbles 10%, Sugar Shares Rally Up To 9% Stock Market Updates: Sensex, Nifty50 Flat; IEX Tumbles 10%, Sugar Shares Rally Up To 9%](https://breaking-news-today.com/wp-content/uploads/https://images.news18.com/ibnlive/uploads/2023/04/sensex-nifty-fall-on-weak-global-cues-rate-hike-worries-168300354616x9.jpg)
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Last Updated: June 09, 2023, 10:59 IST
Sensex Today: Indian shares were little changed on Friday, as a slide in high-weightage IT stocks offset optimism due to improved sentiment from the increased probability of a rate pause from the U.S. Federal Reserve.
Frontline indices the S&P BSE Sensex surged over 100 points to trade around 62,962 levels, whereas the NSE Nifty50 climbed over 30 points to trade above 18,650 levels.
The strength spread to broader markets as well, with Nifty Midcap 100, and Nifty Smallcap 100 indices rising 0.2 per cent each to outperform benchmark indices.
Sectorally, Nifty Consumer Durables, Nifty Auto, and Nifty Realty indices lept forward in trade and rose up to 0.5 per cent. On the flipside, Nifty Metal, and Nifty PSU Bank indices slipped up to 0.5 per cent.
Among individual stocks, shares of Indian Energy Exchange (IEX) hit a 52-week low of Rs 116, freezing 15 per cent lower circuit on reports that the Power Ministry has directed the Central Electricity Regulatory Commission (CERC) to implement process of market coupling in a timely manner.
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “The expected pause decision of the MPC yesterday came laced with an unexpected slightly hawkish message on inflation and the market reacted negatively to it. However, it is important to appreciate the fact that the MPC is playing it safe by trying to anchor inflation expectations. The most important factor determining the trajectory of inflation, going forward, will be the monsoon. If the monsoon is normal food inflation will remain under control, facilitating a rate cut by December 2023. Therefore, the progress of the monsoon should be keenly watched.”
“Latest news from the mother market US is that initial jobless claims have increased. This is slightly positive from the market perspective since it indicates that the US economy is slowing down in response to the Fed’s tight monetary policy. So, it is possible that the Fed might pause in the coming June policy meeting, boosting market sentiments. The Nifty range has moved up to 18500-18700 now.”
Global Cues
Tokyo shares opened higher Friday as investors returned to buying after gains on Wall Street.The benchmark Nikkei 225 index was up 0.86 percent, or 272.64 points, at 31,913.91, while the broader Topix index added 0.83 percent, or 18.09 points, to 2,209.59.
US stocks closed higher on Thursday regaining some of their momentum thanks to a rebound by technology stocks, while volatility dropped to record lows ahead of an eventful economic and policy calendar next week.
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