Mumbai, Dec 19 || The Indian stock market opened in red on Thursday after the US Federal Reserve cut interest rates by 25 basis points, but warned that rate cuts may not come so easily in 2025 as anticipated earlier.
As Fed’s focus moves towards maximum employment and price stability, the FOMC halved the number of rate cuts expected for 2025.
“Post US markets sharp negative reaction to the overall commentary, all Asian markets have opened negatively as well,” said market experts.
At around 9:30 am, Sensex was trading at 79,158.53 after declining 1,023.67 points or 1.28 per cent, while the Nifty was trading at 23,892.4 after declining 306.45 points or 1.27 per cent.
The market trend remained negative. On the National Stock Exchange (NSE), 223 stocks were trading in green, while 2,029 stocks were in red.
Nifty Bank was down 783 points or 1.50 per cent at 51,356.55 Nifty Midcap 100 index was trading at 57,779.40 after dropping 943.85 points or 1.61 per cent. Nifty Smallcap 100 index was at 18,885.65 after dropping 344.70 points or 1.79 per cent.