Stock Market Live Updates November 8, 2024: Markets open flat after Fed cuts interest rate by 25 basis points
Sensex, Nifty, Share Prices LIVE: Sensex opened at 79,611.90, up from its previous close of 79,541.79, and is currently at 79,577.86, reflecting a slight increase of 36.07 points or 0.05 per cent. Meanwhile, the Nifty opened at 24,207.70, above its previous close of 24,199.35, and is trading at 24,214.70, up by 15.35 points or 0.06 per cent as of 9.45 am.
The Federal Reserve on Thursday cut its benchmark interest rate by 25 basis points to a range of 4.5 per cent-4.75 per cent, marking its second reduction, following September’s half-point cut. The Bank of England also reduced rates by a quarter point, only its second cut since 2020.
“Two divergent trends are evident in the market now: one, strength in the global market led by the US and two, weakness in the Indian market. The record setting uptrend in the US market is being driven now by the ‘Trump trade’, expectations of implementation of the promised corporate tax cuts and its positive impact on US corporate earnings,” said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.