Indices erase early trading losses, but still trading lower

by IANS |

Mumbai, Aug 29 (IANS) Benchmark indices erased some early losses on Monday but continued to trade lower with Sensex down more than 800 points and Nifty down 250 points.

At 10.50 a.m., Sensex was trading 835.72 points or 1.42 per cent down at 57,958.15 and Nifty was trading 250.30 points or 1.43 per cent down at 17,308.60.

HCL Technologies, Infosys and Tech Mahindra were trading down more than 3.5 per cent on the BSE.

On Friday, Federal Reserve Chair Jerome Powell signalled the US central bank is likely to keep hiking interest rates and keep them elevated to tame inflation.

"Restoring price stability will likely require maintaining a restrictive policy stance for some time," Powell said. "The historical record cautions strongly against prematurely loosening policy," he added.

"Reducing inflation is likely to require a sustained period of below-trend growth. Moreover, there will very likely be some softening of labour market conditions. While higher interest rates, slower growth, and softer labour market conditions will bring down inflation, they will also bring some pain to households and businesses," Powell added.

Latest News
Slack CEO to quit Salesforce in Jan 2023 Tue, Dec 06, 2022, 01:15 PM
After iPhones, Apple now plans to shift some iPad production to India Tue, Dec 06, 2022, 01:14 PM
Pakistan's Haris Rauf ruled out of Test series v England Tue, Dec 06, 2022, 01:13 PM
Neymar pays tribute to ailing Pele Tue, Dec 06, 2022, 01:12 PM
Brazil cruise past S.Korea 4-1; set up Last 8 clash with Croatia Tue, Dec 06, 2022, 01:10 PM
Tite hails Brazil's 'offensive boldness' Tue, Dec 06, 2022, 01:09 PM
Denmark saw record number of bankruptcies in Nov Tue, Dec 06, 2022, 01:08 PM
Turkish intelligence kills senior YPG member in Syria Tue, Dec 06, 2022, 01:07 PM
Violence, harassment at work affect nearly 23% of people globally: ILO Tue, Dec 06, 2022, 01:05 PM
Sweden's extradition of PKK member shows goodwill: Turkey Tue, Dec 06, 2022, 01:05 PM
Greek businesses, households shift to solar power amid energy crisis Tue, Dec 06, 2022, 01:04 PM
633 migrants rescued off Libyan coast in past week: IOM Tue, Dec 06, 2022, 01:03 PM
Diplomacy, foreign policy contributors honoured at UN with Diwali Foundation award Tue, Dec 06, 2022, 01:02 PM
Miscreants loot cash, jewellery worth Rs 30 lakh in Bihar's Samastipur Tue, Dec 06, 2022, 01:01 PM
'Flying Squad' formed to stop noise pollution in Goa Tue, Dec 06, 2022, 01:00 PM