Sensex today: The domestic market is expected to open lower, tracking negative trend seen in Asian markets after comments from the Federal Reserve’s new chief rekindled fears about the pace of US monetary tightening this year, sending Wall Street tumbling for its worst performance in two years and lifting the dollar.
At 7:55 am, SGX Nifty, Nifty futures being traded on Singapore Stock Exchange, was trading at 10,452, down 67 points or 0.64 per cent.
Fed Chairman Jerome Powell, in his first public appearance as head of the US central bank, vowed on Tuesday to prevent the economy from overheating while sticking with a plan to gradually raise interest rates.
Back home, public sector banks will remain in focus after telecom company Aircel along with its units-Aircel Cellular and Dishnet Wireless, filed for bankruptcy at the National Company Law Tribunal (NCLT) on Wednesday.
Meanwhile, India regained its status as the world's fastest-growing major economy in the October-December quarter, surpassing China's growth after a gap of one year, boosted by higher government spending and a pick-up in manufacturing and services.
On Wednesday, the Sensex ended at 34,184, down 162.35 points, while the broader Nifty50 settled at 10,492, down 61.45 points.
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