Stock Market LIVE Updates: Metal, PSU bank stocks under selling pressure; pharma stocks in the green; Sensex, Nifty rangebound

 Live updates on the stock market : On Thursday, the Indian stock market struggled to find direction due to worries about the U.S. Federal Reserve's projected rate hikes and a decline in the value of the stocks of the Adani Group.

While the S&P BSE Sensex today increased 0.02% to 60,777.41, the Nifty 50 index was down 0.07% at 17,860.60 as of 11:02 a.m. IST.

26 of the Nifty 50's components decreased, with Adani Enterprises and Adani Ports seeing declines of 7.9% and 3.5%, respectively.

Following a dramatic selloff that followed a report from American short-seller Hindenburg Research on Jan. 24 that raised questions about the conglomerate's financials, Adani Group shares had recovered losses for two straight sessions

The index provider MSCI announced on Thursday that some Adani securities should no longer be classified as

Metal down 1%, one of the nine sectoral indexes that posted losses. With a weighting of about 20% in the metal index, Adani Enterprises led the drop.

Wall Street stocks declined overnight as a result of key Fed officials' differing opinions on rate increases.

Governor Lisa Cook predicted a "gentle landing," while Governor Christopher Waller predicted a "long fight" to achieve the Fed's 2% inflation target. Fed Chair Jerome Powell emphasised that "disinflation" was happening in a speech on Tuesday.

According to Astha Jain of Hem Securities, "inflation is unlikely to tumble off the cliff in a hurry despite the Federal Reserve's actions," and she added that uncertainty in domestic markets is expected to persist in the first half of the year 2023.

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