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Sterling rose to a new 10-month high against the dollar, while the euro reached its highest since February
Another major development in the crypto world during the week was the US Securities and Exchange Commission's 'Wells notice' to crypto exchange Coinbase
Overall, 10 developed economies have raised rates by a combined 3,290 basis points (bp) in this cycle to date
CLOSING BELL: Selling in heavyweights like SBI (down 2 per cent), HCL Tech, Infosys, Reliance Industries, HDFC Bank, HDFC, and ICICI Bank weighed on the benchmarks
As the Federal Reserve raises interest rates again, credit card debt is already at a record high, and more people are carrying debt month to month. The Fed's interest rate increases are meant to fight inflation, but they've also led to higher annual percentage rates (APRs) for people with credit card debt, which means they pay more in interest. The Fed announced Wednesday that it would increase rates another quarter of a point. With inflation still high, people are leaning on their credit cards more for everyday purchases. It's the economy, inflation, gas prices, and food costs, said Lance DeJesus, 46, kitchen manager at the Golden Corral in York, Pennsylvania. A year ago, you could go to the grocery store with a hundred bucks and come out with a bunch of bags. Now, I come out with just one bag. DeJesus said he carries a credit card balance of roughly $2,600 from month to month over several cards, which have interest rates from 16.99% to 21.99%. Early in the pandemic, when DeJes
While the Fed has been steadfast in its objective of curtailing inflation, focus has now shifted to maintaining a balance between bringing down inflation and avoiding financial instability
CLOSING BELL: Sectorally, the Nifty Pharma index advanced 1 per cent, followed by the Nifty PSU bank added 0.8 per cent.
CLOSING BELL: The market breadth was firmly in the favour of buyers as the broader markets, too, rose in tandem with the benchmark indices
Analysts attribute fallout in domestic equities due to investors' fear of a domino effect after the collapse of big financial institutions in the US, and Europe
SVB collapse likely to force Fed to go slow on rate hikes, say analysts
The failure of SVB was due to idiosyncratic reasons, but shows how higher rates can expose fault lines in unforeseen places
January US job openings dip, but still high at 10.8 million
Easing concerns around Fed hike, rise in Adani Group shares boost sentiment
The minutes, released on Wednesday, said that the members believe "ongoing" rate hikes will be necessary
Brent crude futures were down $2.37, or 2.8%, to $82.77 a barrel by 1145 GMT, while West Texas Intermediate (WTI) U.S. crude fell $2.07, or 2.6%, to $76.42.
The increase was the largest since July 2021 and mostly reflected a jump in vacancies in accommodation and food services
US stocks ended higher as investors heaved a sigh of relief after Powell refrained in a speech from commenting on rate policy but said the Fed's independence was essential for it to battle inflation
On December 15, after the US inflation of 7.1 per cent for November was announced, Bitcoin touched its five-week high of $18,400
Presently, the BSE Sensex and Nifty 50 have breached their respecitve 21-SMAs, the following support levels need to be honoured in order to sustain a positive bias.
CLOSING BELL: The 30-pack index had dropped over 900 points intra-day to hit a low of 61,715.61, while the 50-pack index hit a low of 18,388