US Fed Rate Cut: The US Federal Reserve cut key interest rates by a quarter percentage point (25 basis points) on Thursday, the second decrease in 2024, signalling that the inflation is under control. The Federal Reserve’s decision comes in less than 48 hours of Donald Trump’s presidential election victory. Jerome Powell, the US Federal Reserve Chair, hinted that the central bank will be keeping a close eye on economic indicators to determine whether to implement a final interest rate cut for 2024 at their upcoming December meeting.
US Fed Interest Rate Cut: How Indian Stock Market Reacted?
The Indian stock market benchmark indices, Sensex and Nifty 50, settled down in red on Friday, 8 November following US Fed decision. The Sensex tumbled 55.47 points to settle at 79,486.32 on Friday. Nifty50 index also declined 51.15 points to settle at 24,148.20 points.
Share Market Update: Stocks In Focus
Based on BSE data, here’s a snapshot of how key stocks performed in Friday’s trading session.
ICICI Bank – Settle 1.53% down at Rs 1,259.35 per share.
Tata Motors – Settle 1.72% down at Rs 805.70 per share.
TCS (Tata Consultancy Services) – Settle 0.11% down at Rs 4,145 per share.
Reliance Industries (RIL) – Settle 1.66% down at Rs 1,284 per share.
JSW Steel – Settle 0.69% up at Rs 996.85 per share.
HCL Technologies – Settled at Rs 1,831 per share.
Tech Mahindra – Settle 1.90% up at Rs 1,682.50 per share.
Adani Ports – Settle 0.78% up at Rs 1,363.20 per share.
ITC – Settle 0.04% up at Rs 478.20 per share.
HDFC Bank – Settle 0.48% up at Rs 1,754.55 per share.
On Friday, 16 out of 30 Sensex constituents ended in the green, while 14 Sensex stocks closed in the red.
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