Nifty 50 Movement: Indices settled below the 17,550 mark after hitting the days high of 17,620.05 in morning trade.
The minutes from the recent meetings of the Reserve Bank of India and the U.S. Federal Reserve revealed that they are willing to keep increasing the interest rates as inflation remains a concern.
Among the sectoral indices, the Nifty PSU Bank index (up 0.53%), the Nifty Metal index (up 0.35%) and the Nifty FMCG index (up 0.26%) outperformed the benchmark Nifty 50 index.
Global Markets:
European markets mostly advanced while their most Asian peers declined on Thursday after the U.S. Federal Reserve released the minutes of its most recent meeting that showed central bank members are still committed to fighting inflation with rate hikes.
The Japanese market is closed today for the Emperors birthday.
Inflation “remained well above” the Feds 2% target and the labor market “remained very tight, contributing to continuing upward pressures on wages and prices,” according to the minutes.
Meanwhile, the Bank of Korea held its interest rates at 3.5%, a first in nearly a year of rate hikes, and in line with expectations.
Wall Street ended broadly lower on Wednesday, with investors cautious despite the latest guidance on rate policy from the US central bank showing few surprises.
Minutes from the Federal Reserves January 31-February 1 meeting said that almost all Fed officials agreed to slow the pace of increases in interest rates to a quarter of a percentage point.
Stocks in Spotlight:
?Hero Moto Corp announced that the company’s mobility brand VIDA has initiated operations of its public charging infrastructure in Bengaluru, Delhi and Jaipur. The brand has set up nearly 300 charging points at 50 locations across the three cities for public use. The charging network is spread across key locations, ensuring customer convenience.
?Zee Entertainment Enterprises Ltd. filed an appeal in the National Company Law Appellate Tribunal (NCLAT) seeking relief after the Mumbai bench of the National Company Law Tribunal (NCLT) allowed the initiation of insolvency proceedings against the media company. This appeal comes a day after the NCLT ruling.
?JP Morgan has an ‘overweight’ rating on shares of Power Grid and a target price of Rs 255, which implies an 18 percent upside from today’s high of Rs 215.75. India’s power demand growth and recurring spikes in deficit will drive an upcycle in capital expenditure. Plus, electrification can result in growth multiple of greater than 0.9 times GDP of the past.
