Continuing to slip for the second consecutive session, the BSE Sensex fell 0.15% to 26,479 and the Nifty is stuck in the trading range 8,137 till 11.35 am Friday, in the midst of a weak trend in Asian markets as the US Fed increased interest rates by a quarter percentage point and indicated more to come next year.
Nifty and Bank Nifty has got in the broader trading range and require a crucial range breakout to continue the momentum. In the meantime, Rupee was also trading weak against the US dollar tracking losses in its Asian peers after the Federal Reserve raised interest rates.
India’s trade deficit hit two-year high to USD 13 billion in November as exports grew for the 3rd consecutive month.
US markets were witnessing fresh spike as US dollar rushed to a fourteen year climax. Imports of Gold grew for the second consecutive month in November by 23.24% to USD 4.36 billion on account of fall in prices. Imports of Gold were on a decline since February, as on September. However, it recorded positive growth in October. As per data, Gold imports were worth USD 3.54 billion in November last year, pushing the trade deficit at about 2-year high of USD 13 billion in November from USD 10.33 billion during the same month last year.
Asian markets are higher on Friday trade as Japanese and Hong Kong shares show gains. The Nikkei 225 is up 0.68 percent while the Hang Seng is up 0.01 percent. Stock markets in US and Europe closed their previous session in green.