Sensex falls 260 pts, Nifty nears 18,650; Adani Ent crashes 7%, RIL, SBI 1%

Closing Bell on June 23, 2023: Among sectors, the Nifty Metal index fell 2.5 per cent, followed by the Nifty Media index (2.13 per cent), the Nifty IT index (0.89 per cent)

SI Reporter New Delhi

8:04 AM

Jerome Powell testimony :: Don't see rate cuts anytime soon

>> As we get closer to our destination we have slowed down, to avoid the mistake of going too far

>> Housing activity has kind of hit a bottom now

>> If economy performs as expected, 2/3 of committee think it will be appropriate to raise rates twice more this year.

>> We don't see rate cuts any time soon

>> Fed projections at the median has some rate cuts next year, but will depend on the economy

>> Inflation has proven more persistent than expected

>> We want to get back to price stablity, want to get back to that place where inflation is low enough that people don't think about it.

>> We are on a journey to get to price stability, we have quite a ways to go but we are making progress.

8:00 AM

Jerome Powell wraps up testimony :: Key takeaways

>> US Federal Reserve Chairman Jerome Powell continued to beat a hawkish drum

>> He suggested the central bank has not reached the end of its tightening cycle, but provided reassurance that the Fed would proceed with caution.

>> Powell reiterated his view that more interest rate hikes are likely in the months ahead

>> We expect the labor market to continue to gradually cool

>> We also expect inflation to move down this year

>> We will do what it takes to get inflation down to 2% over time