Sensex gains 237 points, Nifty up 80 points as Fed minutes signal further tightening

Sensex was 237 points in the green, Nifty up 80 points as Fed mins signal further tightening

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Domestic benchmark equity indices Sensex and Nifty opened flat after the release of US Fed minutes, but mid and small-caps showed signs of buying on July 6. Nifty50 was trading at 19,446 points, up 0.25 percent, while the Sensex was trading at 65,640.82, up by 0.30 percent, at 2 pm.

According to the BSE, top gainers from the Sensex pack were M&M, trading at Rs 1,532.75 per share, up by 3.89 percent; Power Grid was trading at Rs 259, up by 2.27 percent and Reliance Industries was trading at Rs 2,625.75, up by 1.72 percent at 2 pm.

Additionally, the top losers were HCL Tech, trading at Rs 1,182.25, down by 1.07 percent, Bajaj Finance was trading at Rs 7,740.65, down by 1.24 percent; and Maruti Suzuki was trading at Rs 9,833.95, down by 1.61 percent at 2:05 pm.

After the RBI approved Tata AMC's plan to increase its stake in DCB Bank, the stock rallied over 6 percent to Rs 129.90.

Also Read | Stock Market LIVE Updates: Indices trade higher with Nifty around 19,450; IT stocks under pressure

Wall Street

As a result of the minutes from the Federal Reserve's last policy meeting, which showed almost all participants expected additional interest rate increases after unanimously deciding to leave rates unchanged in June, US stocks ended lower on July 5, snapping a three-day winning streak.
The Dow Jones Industrial Average fell 129.83 points, or 0.38 percent, to 34,288.64, the S&P 500 lost 8.77 points, or 0.20 percent, to 4,446.82, and the Nasdaq Composite dropped 25.12 points, or 0.18 percent, to 13,791.65.

Asian markets

Wall Street closed lower on hawkish signals from the Fed's latest meeting minutes, pointing to a decline in Asian markets. Futures for benchmark stocks in Japan, Australia, and Hong Kong fell. On Wednesday, the S&P 500 fell 0.2 percent, while the Nasdaq 100 fell less than 0.1 percent. Early Asian trade was little changed as investors awaited US jobs data to be released on July 6.

Currency Watch

The Indian rupee opened weak against the US dollar on July 6 as the minutes of the Fed's latest meeting showed policymakers maintained their hawkish stance on interest rates.

The local currency weakened about 15 paise to open at Rs 82.37 against the US dollar on July 6. It closed at Rs 82.22 on July 5, according to Bloomberg data.

Crude Impact

Due to a firm spot demand, crude oil prices on July 6 rose Rs 7 to Rs 5,939 per barrel in futures trade.

Oil futures prices rose due to participants raising their bets.

Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

(With Inputs from Agencies)