16 Jun , 2022 By : monika singh
Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic markets soared higher on Thursday morning amid positive global cues. S&P BSE Sensex rose more than 500 points on the opening bell while NSE Nifty 50 was above 15,800. Bank Nifty was also in the green while India VIX dropped 5.9%, to sit below 21 levels. Reliance Industries was the top Sensex gainer, followed by Maruti Suzuki India, and ICICI Bank. Power Grid was the top laggard, accompanied by Bharti Airtel and Nestle India.
The US Federal Reserve, in an attempt to tame inflation, hiked interest rates by 75 basis points on Wednesday. The massive rate hike was the biggest since 1994 as the Fed tried to curb rising prices with inflation at a 40-year high in the US. The target range for the federal funds rate was increased from 1.5% to 1.75%. The US Fed has also signalled that FOMC will keep hiking rates aggressively. US Fed Chair Jerome Powell said that another 75 bps of 50 bps hike could come in the next FOMC meeting.
Global fund managers are underweight on equities, the monthly Bank of America (BofA) survey showed. The underweight positioning of fund managers is the highest since May 2020 – a net 15% underweight in June 2022, as opposed to net 13% overweight in the previous month. Global stock markets have been nervous in recent months with multiple headwinds ahead including rate hikes, inflation, and supply chain bottlenecks. The fund manager's survey showed that cash levels have dropped to 5.6% from 6.1% but still remain high. It is important to note that the BofA survey was held before last week’s inflation figures were released.
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