Tue. Jan 31st, 2023

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Markets seen weak on Fed’s gloomy outlook, telecom stocks in focus

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Indian stock markets are likely to be under pressure on Thursday tracking weak global cues. SGX Nifty trends suggest that Indian benchmark indices may open in red.

Asian stocks were down in the early trade after gloomy economic projections from the US Federal Reserve sent the greenback and most Wall Street shares lower.

Fed officials at their policy meeting on Wednesday said US gross domestic product is expected to decline 6.5% this year. They also flagged the need to keep the key interest rate near zero through at least 2022.

The S&P 500 and Dow Jones benchmarks both moved between gains and losses after the Fed statement, which was the first projections from the U.S. central bank on the economy since the coronavirus outbreak. An S&P index of bank shares, which tend to benefit from rising rates, fell 5.8% in its biggest daily percentage decline since April 15, and the S&P 500 financial index was the biggest drag on the benchmark index.

On Wall Street, the Dow Jones Industrial Average fell 1.04%, the S&P 500 lost 0.53%, while the Nasdaq Composite gained 0.67%.

Back home, telecom stocks Bharti Airtel and Vodafone Idea will be in focus. The Supreme Court will hear the adjusted gross revenue (AGR) case today. The hearing may include the government’s application that telecom firms be allowed to spread the payment of their dues over 20 years or less.

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