Sensex Falls A Modest 45 Points, A Day After Closing At A Record High Of 62,272.68

Indian equity benchmarks started Friday on a poor note, falling a touch after closing at a new record high in the previous session even as investors were looking to end the week on a high, with other Asian stocks on track to post their fourth consecutive weekly gain.
The BSE Sensex index fell 44.47 points to 62,247.95 in early trade, after closing at a new record high of 62,272.68 on Thursday.

The broader NSE Nifty too edged 0.09 per cent lower to 18,467, a day after closing at an all-time high of 18,484.10.

Asia-Pacific stock markets were uneven, with Australia’s benchmark posting a 0.35 per cent gain but confidence in other parts of the region being negatively impacted by a tech-driven selloff in Hong Kong shares.

“Having seen the way the market has reacted – equities rally, bond yields fall and the dollar weakens – if I was the Fed, I’d be thinking I had better go and say something really hawkish now, because otherwise the last 75 basis points of tightening I’ve done are basically pointless, and the next 50 are just going to be swallowed up by the market going, ‘Don’t worry about it, the pivot is coming’,” Rob Carnell, Regional Head of Research for Asia-Pacific at ING, told Reuters.

“You want your rate hikes to mean something, so I think once everyone has digested their turkey and gotten back to work – probably early next week – we’re going to hear some pretty hawkish stuff coming out of the Fed.”

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