Latest Stock Market News

Major U.S. oil refiners and Energy Secretary Jennifer Granholm emerged from an emergency meeting over the issue with no concrete solutions to reduce prices, according to a source familiar with the discussions, but the two sides agreed to work together.

Investors have been weighing the risk of hefty interest rate rises tipping economies into recession.Federal Reserve Chairman Jerome Powell testified before Congress for a second day, a day after saying the Fed is committed to cutting inflation at all costs, and acknowledged a recession was "certainly a possibility."

Fed Governor Michelle Bowman separately told bankers in Massachusetts that she backed raising rates by 75 basis points next month and continuing with hikes of at least 50 basis points after that until price pressures cooled.

The Dow Jones Industrial Average rose 87.20 points, or 0.29%, at the open to 30,570.33.

The Nifty Realty index was trading 1.61 per cent up at 381.95.

"Spot gold prices for 24-carat gold in Delhi fell by Rs 133 in line with decline in COMEX gold prices," said Tapan Patel, Senior Analyst (Commodities) at HDFC Securities.

“India is looking at the start of an economic upcycle which should have probably started two years ago but because of Covid got delayed. Even if the western world slows down, which we think is likely, it is unlikely that Indian growth rates will slow down materially. India is looking at least four-five years of very strong GDP growth rate.”

Recession fears seem to dampen the market mood, which is in increasing contrast to the previous weeks dominated by supply concerns. The sentiment setback is not one of swelling pessimism but rather ebbing optimism. While the global economy looks set to leave inflation and rate scares with bruises and scratches, we do not see business activities meaningfully derailed from the ongoing turbulence

The index appears to be finding some support at 15,380, said Mazhar Mohammad of Chartviewindia.in. This is the lower end of the bullish gap zone registered on June 21, he said, adding that as long as this counter sustains above 15,382 on a closing basis, hopes of a pullback rally remain alive.

“The Indian story this time is different, it is appealing, we are growing, and inflation is not a large concern like what it is for European markets and for US yet the intensity of FII selling is at record high. Why is that?”