Indian stocks unmoved by US market rally as Sensex sheds 738 points and Nifty 219
- After an initial spike, Sensex dipped by 738 points and
Niftylost 219 points to 8,747 points in the morning trade.
Dow Jonesrallied over 4%, the Nasdaqby as much as 6%, and the S&P500 by over 5% yesterday.
- US President Donald Trump announced an $850 billion stimulus package yesterday.
While global selloffs had a transmission effect on Indian exchanges, good news is bringing little cheer. The Dow Jones rallied over 4%, the Nasdaq by as much as 6%, and the S&P500 by over 5% before cooling off a bit mid-day, yesterday (March 17). This was after US President Donald Trump announced an $850 billion stimulus package yesterday.
The Indian central bank itself stopped itself from providing an interest rate cut after hinting it last week. “We are not ruling out anything and we have all the instruments ready to take action as necessary,” said
AdvertisementAfter the Fed cut interest rates to zero, the market has been expecting it. However, even for the brief few hours when the market assumed a rate cut, then too the stock market remained unenthusiastic as Sensex fell by 8% or over 2700 on March 16
Heavy volatility on the back of
The indices remained in the green for the better part of the day's trade; however, the emergence of massive selling pressure in the last hour of the session pulled the indices back to red.
The Nifty50 ended below the psychologically important mark of 9,000 points yesterday. It closed the day's trade down 230.35 points or 2.5% at 8,967.05 points, while the
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