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Markets Trade Lower As US Fed Signals Low Interest Rates

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Benchmark indices traded lower, with Asian markets down and Dow Futures pointing to lower openings for the US markets.

The S&P BSE Sensex traded 0.47% lower at 39,118 while the NSE Nifty 50 index began trade at 11,555 points, down 48 points over its previous close.

Sentiment across the globe were impacted by post commentary from U.S. Federal Reserve chair Jerome Powell over uncertain times ahead. The Fed also did not see inflation picking up, which it believes will leave interest rates lower for years.

Markets Trade Lower As US Fed Signals Low Interest Rates
 

Banking stocks were the worst performers in early trade with the bank Nifty dipping nearly 1.25 per cent. Shares in ICICI Bank, State Bank of India and HDFC Bank were all trading lower.

Reliance Industries managed to buck the trend and was trading marginally higher. Among the Nifty gainers were Zee Entertainment, ONGC, Dr Reddy's and Grasim Industries.

On the other hand Nifty stocks that lost ground were Hindalco, Tata Consultancy and Power Grid corporation. Shares in Dhanuka Agritech were up more than 6 per cent after the company informed the exchanges that it had fixed September 28, as the record date for its Rs 100 crore share buyback.

Meanwhile, most of the Asian markets were lower led by the Japanese Nikkei and the Hang Sang.

Read more about: markets stock market
Story first published: Thursday, September 17, 2020, 9:34 [IST]
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