MARKET LIVE: SGX Nifty signals somber start after US Fed's 75 bps rate hike

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Domestic markets are likely to open lower in Thursday’s trade after the US Federal Reserve hiked interest rates to 75 basis points (bps) by fourth consecutive time, taking the benchmark lending rate to 3.75-4 per cent.

At 8:15 am, the SGX Nifty quoted at 17,991 levels, down 91-odd points.

Globally, the US markets plunged into negative territory overnight after the US Fed Chairman Jerome Powell shattered traders hopes of softening the rate hike cycle. Dow Jones, the S&P 500, and NASDAQ Composite indices slipped up to 3 per cent.

Asia-Pacific markets, too, declined in Thursday’s trade as key indices like the S&P 200, Nikkei 225, Kospi, and Kosdaq tumbled up to 2 per cent.

In the commodities market, prices of Brent Crude were steady above $95 per barrel as US crude inventory dropped. WTI Crude, meanwhile, was above $89 per barrel.

Back home, quarterly earnings season will continue to be in focus as companies like HDFC, Vodafone Idea, Adani Enterprises report the July-September quarter results (Q2FY23) today.

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