Market Awaits Fed’s Rate Decision, Asian Paints and ITC Slide
The Federal Open Market Committee’s policy meeting has begun, and market participants eagerly anticipate the outcome regarding interest rates. On a lackluster trading day, the Indian stock market closed near the flatline. The Sensex ended 29.07 points down, or 0.04 percent, at 66,355.71, while the Nifty slightly edged higher by 0.04 percent, closing at 19,680.60. Out of the total shares traded, 1674 advanced, 1768 declined, and 133 remained unchanged.
Investors are now closely monitoring the Federal Reserve’s rate decision, which is expected to be announced by midnight on July 26. According to data from the CME FedWatch Tool, market expectations suggest a 98 percent likelihood of a quarter-point rate hike.
Meanwhile, two major companies, Asian Paints and ITC Limited, witnessed a decline in their stock prices. Asian Paints reported consolidated revenue of Rs 9,182.31 crore for the June quarter, representing a 6.68 percent increase compared to the same period last year. However, the revenue fell short of the market’s estimate of Rs 9,341 crore.
On the other hand, ITC’s stock continued its downward trend for the second consecutive day. Investors expressed disappointment over the company’s decision to demerge its hotel business while retaining a 40 percent stake in it.
As the market awaits the Fed’s rate decision, investors remain cautious about possible outcomes. Both Asian Paints and ITC will be closely monitored for any further developments that may impact their stock prices.
