sensex news: D-Street off to a muted start as Fed minutes dims rate cute hopes
The BSE Sensex was trading 24 points, or 0.03%, higher at 74,245. Nifty50 was trading at 22,604, up 6 points, or 0.03%, at around 9:18 am.
Federal Reserve officials grew more concerned about inflation at their most recent meeting, indicating that they lacked the confidence to move forward with interest rate reductions.
The meeting followed a series of readings showing that inflation was more persistent than expected at the start of 2024. The Fed targets a 2% inflation rate, but all indicators showed price increases running well ahead of that mark.
From the Sensex pack, Asian Paints, IndusInd Bank, L&T, Axis Bank, and Bharti Airtel opened higher, while Power Grid, Sun Pharma, JSW Steel, and Tata Steel opened with cuts.U.S.-rate cut sensitive Nifty information technology index rose 0.23%, led by the Coforge, LTTS, and Persistent Systems.Among individual stocks, Jubilant FoodWorks surged 5% in early trade after Domino’s India franchisee reported a rise in fourth-quarter profit benefitting from one-time gain and more store openings.
MORE TO COME…