Equity market snaps four-day winning streak

If the Fed goes for a steep rate hike and maintains its hawkish stance, it could push the economy into a recession, a big negative for global equity market.

Published: 03rd November 2022 07:56 AM  |   Last Updated: 03rd November 2022 07:56 AM   |  A+A A-

Stocks

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By Express News Service

NEW DELHI: Equity indices on the BSE and NSE snapped their four-session winning streak and ended over 0.3% lower as investors remained cautious ahead of the outcome of US Federal Reserve announcement and guidance on future rate hikes due later in the day. 

If the Fed goes for a steep rate hike and maintains its hawkish stance, it could push the economy into a recession, a big negative for global equity market. The Sensex closed the Wednesday session 215 points lower to settle at 60,906 while the broader Nifty50 shed 62 points to close  at 18,083.

Auto, PSU Bank, Realty and IT stocks remained under pressure. Telecom giant Bharti Airtel and Apollo Hospitals shed around 3%, while Maruti dropped more than 2% on account of mix sales number for the month of October 2022.

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