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Stock Market News: The domestic equity benchmark indices, the Sensex and the Nifty 50, finished Wednesday's session on a positive note as metal, public sector undertakings (PSU) bank, and oil and gas stocks led the way amid mixed global cues ahead of US inflation data. The S&P BSE Sensex gained 0.47% to 75,038.15, while the NSE Nifty 50 rose by 0.49% to 22,753.80, reaching an all-time high in intraday trading for the third straight day.
The closing highs for both blue-chip indices were record breaking levels, with the Sensex crossing over 75,000 for the first time. On the broader market front, the mid-caps that rose 1% had a record closing high for the third time in five sessions, while the small-caps saw a rise of around 0.73%.
Also Read: Share market today: Sensex closes above 75k for the first time; investors earn over ₹2 lakh crore in a day In March 2024, US inflation grew more than anticipated, mostly due to rising fuel and housing expenses, disappointed hopes of a US Federal Reserve interest rate cut in June. Data issued by the Labor Department's Bureau of Labor Statistics on Wednesday, April 10, showed that the US consumer price index (CPI) increased by 0.4% sequentially, above Wall Street projections.
The Fed's current path of three rate cuts in 2024 is seriously under doubt, according to lead economist Madhavi Arora of Emkay Global Financial Services. A third consecutive "hotter-than-expected" CPI release has thrown the "bump is a blip" narrative into disarray and reduced market pricing to less than two cuts.
On account of Eid Celebrations, our stock exchanges will be closed today (Thursday, April 11). Also Read: US inflation beats Wall Street estimates, rises 0.4% in March; Fed's June rate cut hopes fade away "
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