Share Market Live: Sensex rises 89 points, Nifty end near 17400

Spread the love

Share Market

Share Market Live: Indian shares rose, the rupee strengthened, and bond yields rose after the country’s central bank raised a key policy rate for the third time in a row to combat Asia’s third-largest economy’s persistently high inflation.

The Reserve Bank of India (RBI) increased its key policy rate by 50 basis points.

“With inflation expected to remain above the upper tolerance threshold in the second and third quarters of the current fiscal year, the MPC warned that sustained high inflation could destabilise inflation expectations and harm growth in the medium term,” said RBI Governor Shaktikanta Das.

Annual consumer inflation in India remained above 7% in June, exceeding the Reserve Bank of India’s upper tolerance limit of 6% for the sixth month in a row.

Following the policy decision, the NSE Nifty 50 index rose 0.32 percent to 17,436.95 by 0454 GMT, and the S&P BSE Sensex rose 0.36 percent to 58,509.13 in Share Market

Following the policy decision, India’s 10-year benchmark bond yield increased to 7.2317 percent, while the rupee was trading at 79.03 per dollar.

Nifty50 loses momentum, may enter a consolidation phase:

For the second consecutive session, the Nifty50 finished flat in Share Market today. On the daily chart, the index formed an indecisive candle. The index formed a small bullish candle on a weekly basis in Share Market Analysts believe the index is losing steam after recent strong gains. They see 17,500 as an immediate barrier. They believe that the level of 17,150 will provide strong support. The index closed the day at 17,397.50, up 15.50 points or 0.09 percent.

As strong job data fuels rate-hike fears, Wall Street opens lower in Share Market: 

The major indexes on Wall Street opened lower on Friday, as a strong July jobs report bolstered the case for the Federal Reserve to continue its aggressive interest rate hikes. At the open, the Dow Jones Industrial Average fell 132.92 points, or 0.41 percent, to 32,593.90. The S&P 500 fell 36.07 points, or 0.87 percent, to 4,115.87 at the open, while the Nasdaq Composite fell 181.78 points, or 1.43 percent, to 12,538.81.

The ED has frozen over Rs 64 crore in crypto exchange bank deposits. WazirX

The Enforcement Directorate (ED) announced on Friday that it has frozen Rs 64.67 crore in bank deposits as part of a money laundering investigation into crypto currency exchange WazirX. The federal agency said it raided a director of Zanmai Lab Pvt Ltd, which owns WazirX, on August 3 in Hyderabad and accused him of being “uncooperative.” The investigation into the crypto exchange is linked to the agency’s ongoing investigation into a number of Chinese loan apps (mobile applications) operating in India. Last year, the agency charged WazirX with violating the Foreign Exchange Management Act (FEMA).

Click here for the latest news of BusinessWorldPoliticsSports and Technology and more… !

 

Leave a Reply

Your email address will not be published.