Market Wrap: Sensex, Nifty end with deep cuts; investors lose over ₹2 lakh crore in a day
Nifty closed with solid losses on Wednesday, extending their losses into the second consecutive session amid mixed global cues ahead of the US Fed policy outcome while the US Treasury yields hovered near multi-year highs. The Fed is likely to keep rates unchanged today but the risk of inflation is not over yet with crude oil prices surging sharply in the recent past. Crude oil benchmark Brent Crude futures fell over a per cent in today's trade, slipping from its 10-month high level but they are still up nearly 30 per cent in the last three months after the output cut by OPEC+.
Brent Crude traded near the $93 per barrel mark around 3:30 pm. Among major global peers, the UK's FTSE, France's CAC 40 and Germany's DAX were in the green when the Sensex closed. Investors await Fed policy outcome today.
The week ahead has policy announcements from several other central banks. "The Federal Reserve is expected to leave rates unchanged at the current range of between 5.25 per cent and 5.5 per cent when it concludes a two-day meeting. The Fed meeting leads a week jammed with central bank meetings, with policy announcements in Sweden, Switzerland, Norway, Britain and Japan all due later in the week," reported Reuters.
Read more: Fed policy meet begins today: How will the US Fed interest rate decision impact the stock market? Also Read: US Fed meeting decision today: PIMCO warns market is underestimating risk of US recession and rate hikes Market benchmarks suffered strong losses and a majority of their components ended in the red. Sensex plunged 869 points to hit the intraday low of 66,728.14 during the session while the Nifty fell 254 points to touch its intraday low of 19,878.85. Sensex closed with a loss of 796 points, or 1.18 per
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