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Stock market live updates: The key benchmark indices are likely to start Thursday’s session on a negative note as indicated by SGX Nifty futures that were around 100 points lower at 7:50 am from the previous close.
The markets may continue their losing streak tracking weak global cues after hawkish FOMC meeting minutes read that the US Federal Reserve is likely to reduce its massive bond holdings at a maximum pace of $95 billion a month. The FOMC is expected to approve the balance-sheet reduction at its next gathering May 3-4.
Moreover, minutes of their March meeting also showed that several officials had preferred to raise rates by a half perentage point — instead of the quarter-point move. Following this, overseas investors turned cautious with global markets ending in red.
Back home, the yield on the 10-year government bond also inched up to nearly 7 per cent ahead of the Reserve Bank of India’s (RBI) monetary policy review scheduled for Friday on fears that the central bank may raise the inflation forecast.
Among stocks, Zee Entertainment will be in focus as its largest shareholder Invesco Developing Markets will sell 7.8 per cent stake worth Rs 2,200 crore in the entertainment major via block deals on Thursday.
This apart, agricultural commodities trader Uma Exports will debut on bourses today. The Rs 60 crore IPO had received a decent response from investors, getting a subscription of 7.67 times. The issue price of the IPO is Rs 68.
Global cues
On Wednesday, Dow slipped 0.4 per cent, the S&P 500 declined a per cent and Nasdaq shed 2.2 per cent.
On the other hand, Oil prices tumbled sharply as nations pledged to release oil from reserves to counter tightening supply and hawkish Fed minutes. Brent oil and WTI crude futures sank over 5.5 per cent each to $101.07 and $96.23 a barrel, respectively.
Markets in Asia on Thursday were largely in red. Japan’s Nikkei was the major loser, down 1.8 per cent. Hang Seng, Kospi, Taiwan and Straits Times were down 0.5 – 0.9 per cent each.
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