Equity Alert
Selling intensifies; only ONGC up among Nifty 50 stocks
This story was originally published at 14:55 IST on 19 March 2026
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Equity Alert: Selling intensifies; only ONGC up among Nifty 50 stocks
MUMBAI--1420 IST--Selling pressure on Dalal Street grew as the market bore the brunt of aggressive disruptions. The benchmark Nifty 50 struggled to hold on to the 23200 level. Oil and Natural Gas Corp. was the sole stock in the index to rise. Coal India gave up its gains and oscillated between falling and rising. The mid-cap indices declined more than the benchmarks, falling over 3%.
At 1407 IST, the Nifty 50 was at 23123.95, down 653.85 points or 2.8%. The BSE Sensex was at 74608.51, down 2095.62 points or 2.7%. The Nifty 50 has fallen over 8% since the US and Israel attacked Iran at the end of February. The India VIX rose further and remained over 22. Only five stocks in the Nifty 200 index managed to stay in positive territory. While all the sectoral indices fell, the Nifty Energy fell the least. It was down nearly 1% at a time when the others fell 2-4%. Shares of Adani Total Gas and Jaiprakash Power Ventures stood out within the energy sector; they were up 8-9%.
The Nifty Auto index fell the most among sectoral indices, down 4%. Electric two-wheeler maker Ather Energy pared most of its rise to be up 0.5%, against nearly 3?rlier. From the Nifty 500 universe, the only auto ancillary stocks to rise were Craftsman Automation, Sundram Fasteners, and Castrol India. The Nifty Realty index was the second worst-hit, falling 3.7% intraday. All its constituents were in the red.
Banking major HDFC Bank recovered from its early tumble to be near INR 810, but it was still down almost 4%. The private-sector lender continued to exert the most downward pressure on the 50-stock index. Shares of HDFC Bank had fallen nearly 9% at the market opening. Shares of sugar companies Balrampur Chini and Triveni Engineering were up almost 2%. (Ruchira Kagita)
Equity Alert: Brokerages bullish on cement sector on strong demand in Q4
MUMBAI--1415 IST--Motilal Oswal Financial Services has maintained its bullish stance on the cement sector citing healthy cement demand in the March quarter. The brokerage firm expects sales volume to grow 7–8% on year in the March quarter. However, the brokerage said geopolitical tensions may disturb the supply chain.
Sustained spending on infrastructure, healthy capital expenditure by the government, and steady traction in housing and urban development have led to strong cement demand, the brokerage said in the report. This is likely to support robust volume growth across regions, it said.
However, the brokerage said, "the recent spike in fuel prices poses a potential cost risk to the FY27 earnings if not passed on through price hikes." The rising geopolitical tensions could lead to a near-term risk to the cement industry as a significant portion of petcoke comes from the overseas market. This may cause disruptions in supply of gypsum and volatility in petcoke prices.
Nuvama Institutional Equities also sees healthy demand for cement in the March quarter and expects some price hikes towards the end of the month or early April. Cement dealers may raise prices slightly to offset the impact of rising costs of petroleum coke and packaging, the brokerage said. Higher capital expenditure allocation in the Union Budget has also raised hopes of better demand in FY27 than in FY26, Nuvama said. (Arundathi A R)
Equity Alert: Motilal Oswal positive on Waaree Energies, Premier Energies
MUMBAI--1315 IST--Shares of Waaree Energies and Premier Energies failed to hold on to their day's gains after rising over 10% Wednesday as bearish sentiment due to high crude oil prices loomed large. The Ministry of New and Renewable Energy expanded the approved list of models and manufacturers to issue List-III for solar ingots and wafers. Companies with planned or operational integrated ingot-wafer capacities are seen gaining competitive edge, brokerage firm Motilal Oswal said in a research report. The extension for solar ingots and wafers by the ministry completes the backward integration mandate under the existing framework, the brokerage said.
Both Waaree Energies and Premier Energies have plans for wafer-ingot capacities. Waaree Energies began construction of a 10-gigawatt wafer-ingot facility with an investment of INR 62 billion in Nagpur, and Premier Energies will have also have a 10-gigawatt ingot-wafer unit in Andhra Pradesh. The company plans to invest INR 59 billion for this line, Motilal Oswal noted in the report. It has retained its 'buy' recommendation on both stocks. The target price for Waaree Energies is set at INR 3,514 and for Premier Energies at INR 1,000. At 1302 IST shares of Waaree Energies were down 0.4% at INR 3,171.40, while those of Premier Energies were at INR 860.80, down 1%. (Ruchira Kagita)
Equity Alert: DEE Development slumps 16% in 2 days as W Asia war hits exports
MUMBAI--1310 IST--Shares of DEE Development Engineers extended losses for the second day after the company Wednesday said the war in West Asia has negatively impacted its export orders to customers in the region. On Wednesday, shares of the company had declined nearly 10%, and at 1300 IST Thursday, they were down nearly 6% at INR 264.75. In two sessions, the stock has declined almost 16%.
The company said that certain shipments that were scheduled for execution in the near term are now at a risk of delay, a situation that falls squarely within the ambit of force majeure under the terms of its export contracts. However, "there is no possibility of cancellation of these contracts, and we remain confident of fulfilling our obligations," the company said in a filing to the exchanges.
In response to the energy supply constraints arising from the geopolitical situation, the government has regulated the supply of liquefied petroleum gas and natural gas to industrial and commercial consumers and is prioritising availability for households and essential services. "We recognise this as a necessary and well-considered response to an extraordinary situation, and the DEE (Development) is fully supportive of and compliant with these directives," the exchange filing read.
The company added that its order book was healthy, with more than sufficient orders in hand to support execution pipeline in line with its 2026-27 (Apr-Mar) guidance. (Eshitva Prakash)
Equity Alert: Indices continue to fall; only two Nifty 50 stocks in green
MUMBAI--1200 IST--Benchmark equity indices continued to fall as concerns over elevated crude oil prices cast a cloud over investor sentiment. Only two stocks of the Nifty 50 index held on to gains. Upstream oil company Oil and Natural Gas Corp. was up nearly 2% and Coal India gained nearly 0.5%. Shares of Power Grid Corp. and Reliance Industries oscillated between gains and losses continuously. Meanwhile, Shriram Finance and Eternal were the top losers, both down over 5?ch.
The mid-cap and small-cap indices also lost over 2% intraday. At 1158 IST, the Nifty 50 was at 23241.20, down 536.60 points or 2.3%, while the BSE Sensex was at 74990.55, down 1713.58 points or 2.2%. Of total stocks trading on the National Stock Exchange, over 160 stocks hit their 52-week lows. Key among these were Nifty 50 constituents HDFC Bank, Kotak Mahindra Bank, Cipla, Hindustan Unilever, and ITC.
The Nifty Auto index snapped its three-session gaining streak. All constituents of the sectoral index were in the red. Shares of Samvardhana Motherson, Ashok Leyland and Tata Motors Passenger Vehicles declined the most, down 3–4%. These companies have greater exposure to West Asia than most of their peers. Each stock in the auto index was at least 1% down Thursday. Shares of Hyundai Motor India declined 1.5%.
Meanwhile, shares of Ather Energy were up nearly 3% intraday. The Indian electric two-wheeler industry could see a compounded annual growth rate of 20?tween 2025-26 (Apr-Mar) and FY28, Emkay Global Financial Services said in a research report. Major downside risks are unlikely for the sector, the report said. The brokerage maintained its ‘buy' call on Ather Energy with a target price of INR 1,000. Ather's position in the electric two-wheeler market is well established, Emkay Global said. (Ruchira Kagita)
Equity Alert: ONGC defies market trend, rises 2.5% on spike in crude prices
MUMBAI--1155 IST--Oil and Natural Gas Corp.'s shares rose over 2.5% to a high of INR 271.50, defying the overall bearish trend in the market. The spike in share prices of ONGC is due to crude oil prices crossing $110-per-barrel mark, an analyst at a domestic broking firm said. Being an upstream company, it stands to benefit from elevated crude oil prices. With crude oil prices expected to remain above $90-$100-per-barrel for a prolonged time due intense disruption in supply chains amid the ongoing conflict in West Asia, upstream companies are likely to reap benefits from the situation, analysts said.
At 1157 IST, shares of ONGC traded at INR 268.65, up 1.7%, and the stock has fallen over 3% since Monday. It has only shed 1.6% in last 30 days. Over a period of three months, ONGC has gained a whopping 16%. Of the 10 brokerage reports on the company available with Informist, six have a 'buy' call on the stock with an average target price of INR 310. This implies an 15% upside for the stock. Meanwhile, among the other four brokerages, two have a 'sell' rating and the other pair recommend to 'hold' the stock. (Gopika Balasubramanium)
Equity Alert: CLSA ups Bharti Hexacom to 'hold' with INR 1,510 target price
MUMBAI--1128 IST--Global brokerage CLSA has upgraded its stock recommendation on Bharti Hexacom to 'hold' from 'underperform' with a target price of INR 1,510. The brokerage said the upgrade was driven by the company's limited near-term downside at current levels, NDTV Profit reported.
CLSA said the company operates in just two mobile circles – Rajasthan and the North East – compared with its parent company, Bharti Airtel's pan-India presence across 22 circles. Bharti Hexacom's business is heavily directed towards mobility, with sales from mobile services accounting for about 96% of its revenue, which is supported by a subscriber base of 28.4 million, CLSA said. In contrast, Bharti Airtel has a much larger scale with around 369 million subscribers. The parent company's India mobile services contribute 73% to its India revenues and 53% to the consolidated revenues, the brokerage said.
An upcoming tariff hike in services is expected to accelerate Bharti Hexacom's growth rate and potentially allow it to outperform its parent company in the near term, CLSA said.
Valuations remain a key concern, according to CLSA. Bharti Hexacom is trading around 14 times its enterprise value, which represents a sharp premium of 30–45% compared with Bharti Airtel's consolidated valuation. However, CLSA prefers Bharti Airtel over Bharti Hexacom, given the limited geographic footprint, higher valuation premium, and historical growth lag, as per the NDTV Profit report.
On Thursday, shares of the company rose nearly 2% to a high of INR 1,618.60. The stock rose for the fourth consecutive session and gained nearly 10% during this period. At 1120 IST, shares of Bharti Hexacom were up 1% at INR 1,610. Nearly 87,000 shares of the company changed hands on the bourse, higher than 52,854 shares traded till the same time Wednesday. (Adhithya Aji)
Equity Alert: Indices down over 2% as crude oil prices soar above $112 a bbl
MUMBAI--1028 IST--Bearish sentiment reverberated on the Street as benchmark indices tumbled sharply Thursday. An over 4% rise in the May futures contract of Brent Crude oil to over $112 per barrel weighed on investor sentiment. Barring five stocks, all constituents of the Nifty 50 index traded in the red. Coal India, Oil and Natural Gas Corp., Reliance Industries, Power Grid Corp., and NTPC gained. ONGC was up 2% while the other three were only marginally higher.
The mid-cap and small-cap indices also mirrored the benchmark indices' fall, down around 2?ch. At 1048 IST, the Nifty 50 was at 23296.60,down 481.20 points or 2% and the BSE Sensex was at 75134.58, down 1569.55 points or 2.1%. India VIX spiked nearly 15% to 21.4 after cooling significantly over the past two trading days. Among the sectoral indices, the Nifty Realty, the Nifty Private Bank, and the Nifty Bank were the top laggards.
Index heavyweight HDFC Bank was one among the top losers in the Nifty 50 index. At 1049 IST, shares of the company were lower by almost 5% at INR 805.15. The stock fell to a 52-week low of INR 770 after Atanu Chakraborty resigned as the director and part-time chairman of the bank, citing incongruence with certain practices of the lender. The Nifty Bank index declined nearly 3% with all its constituents losing intraday.
Only 13 stocks in the Nifty 200 index were trading with gains. Adani Total Gas stood out in trade as the stock soared nearly 9%. Shares of other gas companies such as Mahanagar Gas rose over 1% while those of Gujarat Gas rose slightly. Demand for piped natural gas is likely to go up as crude oil prices remain elevated. (Ruchira Kagita)
Equity Alert: Oil marketing cos tank as crude oil prices spike to $113/bbl
MUMBAI--1025 IST--Shares of oil marketing companies such as Hindustan Petroleum Corp., Bharat Petroleum Corp., and Indian Oil Corp. plunged after crude oil prices rose sharply to a high of almost $113 per barrel. All the three stocks fell after closing higher in the previous session.
"The uncertainty surrounding the war has turned worse with Israel hitting the world's largest LNG refinery in Iran," V.K. Vijayakumar, chief investment strategist at Geojit Investments, said in a note. At 1014 IST, the May futures contract of Brent Crude oil was up over 4% to a high of around $113 per barrel after reports that Iran's natural gas facilities associated with its offshore South Pars and Asaluyeh field were attacked.
Brokerage Kotak Institutional Equities suggested that oil marketing companies, with no retail pricing freedom, would have to absorb the higher crude oil, freight, and insurance costs. The brokerage raised its oil price assumption for the financial year 2026–27 (Apr-Mar) to $85 per barrel and for FY28 and long-term estimates to $75 per barrel. It expects a prolonged conflict in West Asia to keep oil prices high for several months.
At 1016 IST, shares of Hindustan Petroleum, Bharat Petroleum, and Indion Oil were down 3-6.3%. The Nifty Oil & Gas index was down after ending higher in the previous two sessions. The sectoral index was down over 1% at 11065.45. (Arundathi A R)
Equity Alert: Rajputana Stainless lists at INR 122, same as IPO price; dn 8%
MUMBAI--1016 IST--Shares of Rajputana Stainless listed at INR 122 on the National Stock Exchange, same as the issue price. The stock fell 9% to a low of INR 111.16 as soon as trading began, and at 1006 IST, the stock was at INR 114.46. Over 8 million shares of the company changed hands on the NSE so far.
Rajputana Stainless manufactures long and flat stainless steel products comprising billets, forging ingots, rolled black bar, rolled bright bar, flat and patti, and other ancillary products. For Apr-Sept, the company reported a net profit of INR 244.10 million on revenues of INR 5.02 billion. (Gopika Balasubramanium)
Equity Alert: HDFC Bk dn as part-time chair resigns over ethical differences
MUMBAI--1015 IST--Shares of HDFC Bank fell around 9% to INR 770, their lowest price in nearly two years, after the bank's part-time chairman Atanu Chakraborty resigned from the post with immediate effect, saying certain practices and happenings within the bank" over last two years were not in congruence with his personal "values and ethics." At 1016 IST, the stock traded over 5% lower at INR 800.15. So far in the day, around 87 million shares of the company changed hands on the National Stock Exchange compared to the nearly 8 million shares traded till the same time Wednesday.
Later, in an analyst call, the bank clarified that Chakraborty's resignation was not due to any regulatory issues at the bank, and he did not share any issues when asked while resigning on Wednesday. No contentious bank-linked issues were ever discussed at the board level, the private lender said in the call, adding that its board and management were completely cohesive and united. Chakraborty also later clarified that there were no allegations of wrongdoing at the bank and the decision to resign was personal, according to a post on 'X' by NDTV Profit.
Brokerages expect the sudden resignation and reasons cited for the same to keep the stock under pressure in the near term. The resignation letter does not allege specific misconduct. Perception alone can weigh on sentiment until credible steps are outlined and delivered, NDTV Profit reported, citing global brokerage JP Morgan. (Arya S. Biju)
Equity Alert: Indices open lower as crude spikes over $110/bbl; HDFC Bk dn 5%
MUMBAI—1014 IST--Benchmark equity indices opened sharply lower after crude oil prices jumped over $110 per barrel. Crude prices gained momentum after Israel's strikes on Iran's South Pars gas field. Its global peers in the US closed lower on Wednesday and Asian markets opened lower in early trade as well.
At 1014 IST, the Nifty 50 was at 23243.50 points, down 534.30 points or 2.3%, and the BSE Sensex was at 4791.78 points, down 1762.35 points or 2.3%. The Nifty is now nearly 8% lower from the pre-war level.
Barring Coal India and Oil and Natural Gas Corp., which were marginally higher, all other constituents in the Nifty 50 traded lower. The heavyweight banking stock, HDFC Bank was the worst-hit stock in the index, falling over 5%. The bank announced the resignation of its part-time chairman Atanu Chakraborty on Wednesday. He resigned stating that "certain practices and happenings within the bank" over last two years were not in line with his personal "values and ethics". Post this, Keki Mistry was appointed as interim chairman for three months with immediate effect.
Larsen & Toubro was down over 3%. The company's order book has a significant exposure to West Asia. Escalation of hostilities in the Gulf region is likely to disrupt the company's operations. Stocks of financial services companies Axis Bank, Shriram Finance, HDFC Life Insurance Co., and Bajaj Finance fell 2–3%. Among individual stocks, Eternal, Trent, Adani Ports and Special Economic Zone, InterGlobe Aviation, and Asian Paints fell nearly 3?ch. Automobile companies Mahindra & Mahindra, Maruti Suzuki India, Tata Motors Passenger Vehicles, Bajaj Auto, and Eicher Motors fell 2–3%.
The May futures of Brent crude oil hit a high of $112.86 per barrel earlier in the day. This was 5% higher than the previous close. At 0936 IST, the May future of Brent crude oil was at $111.94 per barrel, up over 4% from the previous close.
In the Nifty 200, Adani Total Gas and NTPC Green Energy were the sole gainers. They rose over 9% and nearly 2%, respectvely. Adani Total Gas was the top gainer in the Nifty 500 as well. In contrast, oil refining companies Hindustan Petroleum Corp. and Bharat Petroleum Corp. were the worst-hit stocks in the index, falling over 5% and 3%, respectively. Hindustan Petroleum Corp. was the worst-hit stock in the Nifty 500 as well. (Adhithya Aji)
Equity Alert: HSBC upgrades Power Grid to 'hold', ups target price by 11%
MUMBAI--0945 IST--Brokerage HSBC increased its target price on Power Grid Corp. of India by 11% to INR 290 and upgraded its rating on the stock to 'hold' from 'sell', NDTV Profit reported citing a note. The rationale behind the hike in target price was due to increased pace of commissioning and new opportunities from intra-state transmission projects and battery energy storage system.
Policy changes by the government for faster commissioning of critical transmission lines in the country will increase the pace of the state-owned company's earnings growth, the report said citing CLSA's note. "We believe with increased renewables penetration and recent curtailment issues, reliance on BESS (battery energy storage system) is set to increase," the report said, citing CLSA. "PWGR (Power Grid) has started participating in BESS projects, and project sizes are set to increase. As well, BESS will have a role in ancillary services too, which would allow for integration with PWGR's existing lines."
At 0951 IST, the stock was at INR 298.35, down 0.4% from the previous close. The target price indicates a downside of nearly 3% from the spot level and implied a near 13% downside from the previous target price of INR 260. This indicates that the brokerage expects limited downside in the stock for the near term. (Gopika Balasubramanium)
Equity Alert: Indices in Asia open lower on Wall Street losses; Nikkei dn 2%
MUMBAI--0830 IST--Asian equity indices plunged at open Thursday, tracking overnight losses on Wall Street. US benchmark indices recorded losses overnight after the US Federal Reserve's decision to keep interest rates unchanged. Japan's Nikkei 225 was the worst performer in the Asian pack, down over 2%. South Korea's KOSPI was down over 1?ter closing higher for the three sessions in a row.
The US Federal Open Market Committee left the federal funds rate unchanged in the range of 3.5-3.75% as developments in West Asia signal uncertainty for the US economy. Fed Chair Jerome Powell said inflation was not coming down as much as "hoped", CNBC reported. The central bank has projected only a single rate cut for the year as officials took stock of economic risks from surging oil prices and the West Asia war, Reuters reported.
The US producer price index rose 0.7% in February, higher than 0.3% estimated in a poll of economists. Investors in Asia await the Bank of Japan's decision, with the bank expected to hold rates at 0.75%, according to CNBC report.
Shares of South Korean chip making companies SK Hynix were down 3%, while those of Samsung Electronics shed over 2%.
Following were the levels of major Asian indices at 0818 IST:
|
Index |
Level |
Change in % |
|
CSI 300 Index |
4614.52 | (-)0.94 |
|
Hang Seng Index |
25724.25 | (-)1.16 |
|
Nikkei 225 Day |
53873.56 | (-)2.47 |
|
TOPIX FIRST SECTION |
3645.96 | (-)1.92 |
|
KOSPI |
5817.9 | (-)1.81 |
|
FTSE Singapore Strait Times |
4979.64 | (-)0.45 |
|
S&P/ASX 200 Index |
8504.9 | (-)1.57 |
(Arundathi A R)
Equity Alert: Indices may open sharply down as oil prices surge to $113/bbl
MUMBAI--0821 IST--Benchmark equity indices are expected to open sharply lower Thursday tracking weakness across US and Asian markets. A rapid rise in crude oil prices following attacks on energy infrastructure in West Asia will also keep indices under pressure. The May futures contract of Brent Crude Oil rose over 5% to an intraday high of around $113 per barrel after reports said that Iran's natural gas facilities associated with its offshore South Pars field were attacked. Iran accused Israel for striking its facilities and threatened to attack oil and gas infrastructure throughout the Gulf, firing missiles at Qatar and Saudi Arabia which heightened the risk of further disruptions to energy supplies in the region.
Meanwhile, US President Donald Trump Thursday pledged that Israel would make no more attacks on Iran's major South Pars gas field, but if Iran attacked Qatar again, the US would retaliate and "massively blow up the entirety" of the field, according to his post on Truth Social. The conflict between Iran and the US-Israel combine entered the 20th day Thursday.
US stock futures inched lower Thursday as the US Federal Reserve's expectations of a rise in inflation added to fears that the war in Iran could mean the US economy is headed for a stagflation scenario — a period of lower growth and higher pricing pressures, CNBC reported. The central bank's 'dot plot' pointed to one reduction this year and another in 2027, though the timing remains unclear. Major equity indices in Asia also remained lower in early trade. Market participants are now awaiting the Bank of Japan's interest rate decision, due later in the day, with the bank largely expected to hold rates steady at 0.75%.
Back in the domestic market, shares of HDFC Bank will be in focus Thursday, after its part-time chairman Atanu Chakraborty resigned from the post with immediate effect, citing certain practices and happenings within the bank over last two years were not in congruence with his personal "values and ethics." He also confirmed there were no other material reasons for his resignation. Chakraborty joined the bank's board in 2021. The bank has appointed Keki Mistry as interim part-time chairman effective Thursday, and he will hold the post for three months, post approval from the Reserve Bank of India.
The March contracts of Gift Nifty indicated a gap-down open for Nifty 50 Thursday. At 0811 IST, the Nifty 50 was at 23338 points, down over 400 points from Nifty 50's previous close. "Nifty (50) witnessed an upward move in the previous trading session but faced resistance near the 23850 level. On the lower time frame, the index is forming a lower high–lower low structure, indicating short-term weakness," Sundar Kewat, technical and derivative analyst at Ashika Institutional Equities, said. Additionally, rising geopolitical tensions and escalation of the West Asia conflict have added to market volatility, he said.
"For today, the key support level is placed at 23000 (points). The index (Nifty 50) is likely to test this level and may hold, leading to a potential pullback. However, a decisive break and sustained trading below 23000 could result in a breakdown of both technical and psychological support, dragging Nifty towards 22800 and 22500 levels respectively," Kewat said. (Arya S. Biju)
Equity Alert: JPMorgan sees weakness in HDFC Bk stock on Chakraborty's exit
MUMBAI--0757 IST--JPMorgan has maintained its 'neutral' stance on HDFC Bank and has retained its target price of INR 1,090 after the resignation of director and part-time chairman Atanu Chakraborty, CNBC-TV18 reported in a post on X. The brokerage sees Chakraborty's exit adding to the existing macroeconomic headwinds and expects volatility in the bank's stock movement in the near term.
On Wednesday, the private lender's stock ended a tad lower at INR 843.05. Since Monday, the stock has fallen 5% and in last 30 days, it has fallen aroud 8%. JPMorgan says "stock may remain weak post announcement," CNBC-TV18 reported. Chakraborty's resignation raises concerns over board-management alignment, JPMorgan said. However, no misconduct was alleged on Chakraborty and perception may weigh until clarity emerges, it said.
Late Wednesday, HDFC Bank informed exchanges that Chakraborty, who joined the bank's board in 2021, resigned from his post as director and part-time chairman with immediate effect. Chakraborty resigned citing "certain practices and happenings within the bank" over last two years were not in congruence with his personal "values and ethics". The bank appointed Keki Mistry as interim part-time chairman effective Thursday, and he will hold the post for three months, post approval from Reserve Bank of India. (Gopika Balasubramanium)
Equity Alert: US indices end lower Wed after Fed leaves rates unchanged
MUMBAI--0745 IST--US benchmark stock indices ended sharply lower Wednesday following US inflation data and the US Federal Reserve's decision to keep interest rates unchanged. The indices closed lower after two sessions of gains. The Dow Jones Industrial Average index shed the most during the session.
The US Federal Open Market Committee left the federal funds rate unchanged in the range of 3.5-3.75% as developments in West Asia signal uncertainty for the US economy. "The forecast is that we will be making progress on inflation, not as much as we had hoped, but some progress on inflation," CNBC quoted Fed Chair Jerome Powell as saying.
The central bank has projected only a single rate cut for the year as officials take stock of economic risks from surging oil prices and the West Asia war, Reuters reported.
"Available indicators suggest that economic activity has been expanding at a solid pace," the FOMC statement said. "Job gains have remained low, and the unemployment rate has been little changed in recent months," it stated. The Fed now expects inflation to be higher than seen in the December meeting.
"The Fed is on hold. With inflation running above target and the economy running above trend, and elevated uncertainty about the path of the Iran war, there is no argument for easing policy," Reuters reported, quoting Michael Rosen, chief investment officer at Angeles Investments in Santa Monica.
The May contract of Brent Crude Oil extended gains and neared $110 a barrel. This was after an Iranian news agency reported some facilities belonging to Iran's oil industry in South Pars and Asaluyeh being attacked, according to a Reuters report.
Following are the closing levels of US indices Wednesday:
|
Index |
Level |
Change in % |
|
S&P 500 |
6624.7 | (-)1.36 |
|
NASDAQ Composite |
22152.421 | (-)1.46 |
|
Dow Jones Industrial Average |
46225.15 | (-)1.63 |
(Arundathi A R)
US$1 = INR 92.63
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Rajeev Pai
All prices from National Stock Exchange, unless otherwise specified.
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