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The S&P BSE Sensex is trading at 26,445, down by 158 points, while NSE Nifty is trading at 8,122 down by 60 points.
The S&P BSE Sensex is trading at 26,445, down by 158 points, while NSE Nifty is trading at 8,122 down by 60 points.
Asian markets opened weak with the exception of the Japanese 'Nikkei" index which traded higher on the back of a weaker yen. Initial reaction to the Federal Reserve rate hike saw bond yields rise and the US $ get stronger which as a follow through will see most Asian indices trade in the red. Gold prices hit new 1 year lows and oil prices also traded near US $ 50 which should see return of smart money to equity with Asian stocks becoming value picks after the sharp under performance.
The most Asian indices were lower post the hike of interest rate announced by the US Federal Reserve. Hong Kong's Hang Seng was trading at 22257 down 0.89%, Singapore's Straits Times was trading at 2936 down at 0.59%, China's Shanghai Composite at 3152 down 0.47%, while Japan's Nikkei 225, the only one trading in green, was trading at 19280 up 0.14%.
The US Federal Open Market Committee has raised the federal funds rate target range by 25 basis points to 0.50-0.75%, with all 10 voting members in favour of the decision. The economic projections of members also suggest the US Federal Reserve's rate-setting committee now sees three rate hikes of 25 bps each in 2017 as against two rate hikes implied by the September projections, which Chair Janet Yellen termed as the result of "very modest adjustment" by some members. The median of FOMC members' expectations of the interest rate at the end of 2017 is now 1.375%, up from 1.125% previously. The committee indicated that the trajectory of rate hikes going ahead would depend on incoming data.
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