Indian stock indices were subdued Wednesday, with the benchmarks witnessing mild profit booking, meaning the investors are taking some money off the table.
"I've been hearing every month there's going to be a recession next month. The consensus is: Two-thirds of the economists and the major leaders in the banks think we're not going to have a recession. I don't think we will either," the US President said during a briefing.
BSE Sensex went down 71 points to 61,689.38 and NSE Nifty lost 21 points to 18,244.35. The top gainers on Nifty 50 were IndusInd Bank, Tata Motors, Power Grid, Bajaj Auto and HCL Tech while the losers were UPL, Dr Reddy, SBIN, Grasim and Adani Ports.
The US monetary policy committee, seeking to achieve maximum employment and inflation at the rate of 2 per cent over the longer run, hiked the key interest rate by 25 basis points to 4.75-5.0 per cent at its latest two-day review meet.
Indian stocks fell Thursday during the morning trade in line with weakness in the US markets, which declined sharply overnight as the US Federal Reserve went ahead with its further monetary policy tightening to bring down inflation to its target-- even as volatility in the banking system
Benchmark stock indices in India settled in the green on Friday, tracking positive cues from overseas markets which improved after the recent slump -- following the collapse of Silicon Valley Bank and aftereffects on some other banks.
Consumer inflation in the US moderated to 6.4 per cent in January from 6.5 per cent in December, and 7.1 per cent the previous month but still is way above the 2 per cent target.