Business
oi-Sunil Fernandes
Global markets were trading mostly lower, ahead of the US Federal Reserve’s statement and press conference. While interest rates should be kept stable by the US Central Bank, the inflation statement is what the markets are looking for.
The Sensex was trading with losses of 2 points, while the Nifty lost 3 points at the start of trading. Spencer’s Retail saw its shares plummet even as the company’s consolidated net loss fell to Rs 34.53 crore for the fourth quarter ended March 2021. The company recorded a net loss of Rs 49.26 crore as of during the January-March period a year ago.
Steel Authority of India saw its shares drop slightly after reports that company employees called a strike on June 30 to pressure their demand for a pay review.
Bank stocks had a rather calm session, before the result of the US Fed. Among Nifty’s biggest losers were Adani Ports, Power Grid and Titan Company.
Mortgage financier LIC Housing Finance saw its shares fall nearly 2% as the company announced a 5% drop in after-tax profit to Rs 398.92 crore in the quarter ended March 2021 due to higher provisioning for bad debts.
“The future direction of the domestic markets would depend on the monsoon, the gradual opening of the economy and the pace of vaccination going forward. Technically too, Nifty remains in a positive configuration and can see a movement towards highs of 16,000 Investors would also monitor various macro data points nationally and globally as well as the US Fed’s decision today, â€said Siddhartha Khemka of Motilal Oswal.
Article first published: Wednesday, June 16, 2021, 9:27 a.m. [IST]
