Business & Finance

Indian Stocks Largely Steady After US Central Bank Policy Minutes

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New Delhi: Indian stock indices opened largely steady on Thursday morning. At 10.01 am, Sensex traded at 60,583.81 points, down just 73.64 points or 0.12 percent today, whereas Nifty traded at 18,042.85 points, down 0.100 points or 0.00055 percent.

“In India, the near-term challenge to the market comes from the sustained selling by FIIs who sold Rs 2620 crores equity in the cash market yesterday taking their selling spree to 9 consecutive days,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services. In the US, in spite of the hawkish minutes, the markets closed in the positive territory on Wednesday because the markets expect a resilient US economy.

The US Federal Reserve officials believe it would not be “appropriate” to begin loosening monetary policy stance in terms of interest rate in 2023, Minutes from the latest policy meeting held on December 13-14 showed.

“No participants anticipated that it would be appropriate to begin reducing the federal funds rate target in 2023,” the document showed.

Participating US central bank officials in general observed that a “restrictive policy stance would need to be maintained” until the incoming data provided confidence that inflation was on a sustained downward path to 2 percent, which the minutes said was likely to take some time.

Also Read: Bengaluru: Woman’s Decomposed Body Found In Plastic Drum On Railway Station

The US Federal Reserve recently raised interest rates by 50 basis points (bps). The central bank’s policy rate is now at a target of 4.25-4.50 percent, the highest level in 15 years.

Prior to that, there has been a fourth consecutive hike of 75 basis points magnitude.

Raising interest rates is a monetary policy instrument that typically helps suppress demand in the economy, thereby helping the inflation rate decline. In November, consumer inflation was at 7.1 percent.

(Except for the headline, this story has not been edited by HW News staff and is published from a syndicated feed.)

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National Politics

“Reflection Of Govt’s Insensitivity,” Says Vijay Kumar Amid Lathi Charge On BSSC Aspirants

ANI
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Senior BJP leader and the Leader of Opposition in the Bihar assembly Vijay Kumar Sinha on Thursday hit out at the state government for its “insensitivity” after a lathi-charge on Bihar Staff Selection Commission (BSSC) aspirants

Patna (Bihar): Senior BJP leader and the Leader of Opposition in the Bihar assembly Vijay Kumar Sinha on Thursday hit out at the state government for its “insensitivity” after a lathi-charge on Bihar Staff Selection Commission (BSSC) aspirants.

Sinha said that the government should have called the students and listened to their demands. BSSC aspirants were protesting against the state government over a paper leak were lathi-charged by police on Wednesday. “It’s a reflection of the government’s insensitivity. The students were taking out a peaceful procession but a barbaric lathi charge was done in such cold weather. They (Govt) should have called those students and listened to their demands. Why don’t they get CBI investigation done?,” said Vijay Kumar Sinha.
National President of Janata Dal-United, Lalan Singh said that this is not the first time that students have been lathi-charged.

Also, Read: Bengaluru: Woman’s Decomposed Body Found In Plastic Drum On Railway Station

“It keeps happening, this is the first time that students have been lathi-charged in the country and the state. I do not know whether a lathi-charge has taken place or not. If someone breaks the law, he is not allowed to break the law. Anyone has the right to protest in a democratic way. If someone does any work by breaking the law, then naturally law and order have to be established there,” said Lalan Singh.
On Wednesday, the BSSC staged a protest against the state government over a paper leak.
Special Executive Magistrate, Patna MS Khan said that the students protesting started violence and vandalism and to control it, a lathi-charge was done.

“They started violence and vandalism and to control it, (lathi-charge) was done. Some have been arrested. FIR will be registered against them,” said Special Executive Magistrate, Patna MS Khan.

(Except for the headline, this story has not been edited by HW News staff and is published from a syndicated feed.)

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