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Market snaps 2-session gains as rate hike fears loom
The Morning Standard
|June 23, 2023
AFTER closing at record high on Wednesday, domestic equity markets snapped its two-day winning streak on Thursday amid weak global cues.
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The benchmarks, BSE Sensex and NSE Nifty, closed lower on Thursday after a hawkish commentary from the US Federal Reserve on future interest rate hikes.
Later in the day, the Bank of England raised interest rates by a higher-than-expected half a percentage point to 5%, highest since 2008.
The 30-share pack BSE Sensex declined 284.26 points to settle at 63,238.89, while NSE benchmark Nifty50 shed 85.60 points, to end the day at 18,771.25.
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