US markets decline as Fed Policy meeting begins, S&P 500 falls 0.29%; GIFT Nifty down

Global Markets Outlook

The US markets declined on June 11 as the Federal Reserve’s two-day policy meeting began. The indices traded negative as investors worried that the central bank may not cut interest rates this year. The markets also await the CPI data, to be released this Wednesday.

At 9:15pm IST, the S&P 500 fell 0.29 percent to 5,346 and the Nasdaq Composite traded flat-to-negative at 17,183. The Dow Jones Industrial Average traded 0.57 percent lower at 38,648. Several major financial stocks such as JP Morgan Chase & Co and the American Express fell nearly 3 percent.

The GIFT Nifty also fell 0.38 percent to 23,260 after the Indian indices ended flat earlier during the day.

Indian indices were little changed on June 11 as markets witnessed massive sell-offs in major stocks such as RIL and ITC during late trading hours. Nifty traded flat-to-positive at 23,264.85 and the Sensex ended 0.05 percent lower at 76,456.59.

The European markets also declined owing to weak global cues. FTSE tumbled one percent to 8,147.81 and the DAX fell 0.66 percent to 18,372.39. CAC also dragged 1.33 percent lower to 7,789.21.

Earlier during the day, the Asian indices traded mixed as investors eyed key US data on inflation and rate cuts. Nikkei edged up by a quarter percent to 39,134.79 while the Hang Seng shed over 1 percent to end at 18,176.34.

DIIs net purchased Rs 3,193.29 crores in Indian equities while the FIIs/FPIs net sold Rs 111.04 crores.

Crude continued to extend its previous day’s gains and edged 0.46 percent higher to $78.10. Brent also surged 0.54 percent to $82.07.