Stock market LIVE: SGX Nifty surges ahead of opening; US Federal Reserve reports rate cut and rate hike soon

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Global indices were positive after the Dow Jones, S&P 500 and NASDAQ closed on gains. (Photo: REUTERS)

Share Market News Today | Sensex, Nifty, LIVE stock price: Domestic stock markets closed with marginal losses on Wednesday as global markets anticipated the outcome of the FOMC meeting and the Fed’s withdrawal from its bond buying program. S&P BSE Sensex is currently at 58,927 while Nifty 50 is placed at 17,546. Larger markets outperformed benchmarks on Wednesday and closed with gains. Entering the weekly F&O expiration session, SGX Nifty was up over 100 points, pointing to a positive start for domestic stocks. Global indices were positive after the Dow Jones, S&P 500 and NASDAQ, a move mirrored by Asian stock markets.

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The Federal Reserve has said it could start reducing its monthly bond purchases as early as November of this year. The interest rate was kept at 0%, but the US central bank said a rate hike could come sooner than expected. Federal Reserve Chairman Jerome Powell has said the reduction in its bond buying program could end in mid-2022, with the FOMC preferring a gradual pace of reduction. The Fed now expects inflation to stay slightly above its target for four years. GDP projects for the US economy have been reduced to 5.9% from 7% previously. The Fed’s statement sent US stock markets higher.

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