Key Points
Snapping their two-day winning run, key equity indices the Sensex and the Nifty ended lower on Thursday (June 22) mirroring weak global sentiment as the risk appetite of investors remained low on concerns over rate hikes a day after Federal Reserve chairman Jerome Powell said the US Fed would bring more hikes this year...
Powell said that the interest rates in the US will move higher at a moderate pace to contain price pressure as the fight to lower inflation has a long way to go..
It seems major central banks across the globe are not done with the rate hikes that started last year and the pause by the US Fed and the Reserve Bank of India will be short-lived as inflation still remains above their target..
Meanwhile, Sensex opened at a fresh all-time high level of 63,601.71 against the previous close of 63,523.15 but failed to hold altitude and closed 284 points, or 0.45 per cent, lower at 63,238.89..
"A negative trigger, from the global perspective, is the Fed Chief Powells statement in the Congressional testimony yesterday that 'the process of getting inflation back to two per cent has a long way to go.'.
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