US Federal Reserve cuts rates by 25 bps: S&P 500, Nasdaq Rise; The Dow Jones Industrial Average fell slightly

Latest update:November 08, 2024 01:03 IST

US Stock Market Today: Check Dow Jones, S&P 500 and Nasdaq News Ahead of Fed Meeting

US stock market today

US Stock Market Update: Even though the US Federal Reserve cut key interest rates by 25 basis points, US stock markets remain almost in the same range as before the policy announcement. Following the adoption of this policy, the Dow Jones index fell slightly by 0.03%, while the S&P 500 and Nasdaq indices rose 0.65% and 1.4%, respectively.

Stocks were up slightly on Thursday, hitting record highs after a big rally fueled by Donald Trump’s decisive victory in the presidential election.

The latest decision by the US Federal Reserve to cut rates is in line with market expectations.

Indian stock market

Posting a two-day winning streak, the benchmark Sensex fell 836 points on profit booking in banking and auto stocks as investors turned cautious ahead of the US Federal Reserve’s policy decision and unabated outflow of foreign funds.

As optimism over Donald Trump’s victory in the US presidential election faded, the BSE Sensex fell 836.34 points or 1.04 percent to end at 79,541.79. On the day, it fell 958.79 points, or 1.19 percent, to 79,419.34.

The NSE Nifty index fell 284.70 points or 1.16 percent to close at 24,199.35.

Of the 30-share Sensex pack, the top losers were Tata Motors, Tech Mahindra, UltraTech Cement, JSW Steel, Sun Pharma, Asian Paints, IndusInd Bank and ICICI Bank.

The State Bank of India was the only one to benefit from this situation.

Foreign institutional investors (FIIs) sold shares worth Rs 4,445.59 crore on Wednesday, exchange data showed.

The BSE midcap index was down 0.67 percent and the smallcap index was down 0.44 percent.

All sectoral indices ended trading lower. Metals fell 2.54 percent, utilities (1.82 percent), commodities (1.65 percent), real estate (1.45 percent), electric utilities (1.42 percent) and autos (1.40 percent).

A total of 2,134 stocks fell, 1,821 rose and 98 remained unchanged on the BSE.

In Asian markets, Seoul, Shanghai and Hong Kong closed higher, while Tokyo closed lower.

European markets were trading in positive territory. Wall Street ended significantly higher on Wednesday.

Global benchmark Brent crude fell 0.33% to $74.67 a barrel.

On Wednesday, the BSE index jumped 901.50 points or 1.13 percent to settle at 80,378.13.

The Nifty index rose 270.75 points, or 1.12 percent, to 24,484.05.

(With agency participation)