It raised its main interest rate from a historic low of 0.1% to 0.25% amid mounting inflation pressure.

The Bank of England hiked interest rates on Thursday for the first time since the pandemic started. The measure lifts the government's borrowing limit by $2.5 trillion, which is expected to allow the U.S. will not default on its debt for the first time ever. President Joe Biden signed a debt ceiling increase into law Thursday, ensuring the U.S. stocks slid on Thursday as weakness among large tech stocks dragged down major market averages. The Bank of Japan is due to announce its monetary policy decision today. Overseas, Asian stocks are trading mixed on Friday, following overnight losses on Wall Street. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 45 points at the opening bell. The Nifty 50 index lost 263.20 points or 1.53% at 16,985.20.ДЇoreign portfolio investors (FPIs) sold shares worth Rs 2,069.90 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,478.52 crore in the Indian equity market on 17 December, provisional data showed. The barometer index, the S&P BSE Sensex, tumbled 889.40 points or 1.54% at 57,011.74. 14 amid fears that its healthcare system вЂњwill become overburdened in January.вЂќ Elsewhere, Britain has also been seeing a surge in Covid infections.Д«ack home, the benchmark indices ended with steep losses on Friday with the Nifty slipping below its crucial 17,000 mark. In Europe, the Netherlands went into lockdown from Sunday till at least Jan. Wall Street finished lower on Friday, weighed down by Big Tech as investors worried about the Omicron coronavirus variant and digested the Federal Reserve's decision to end its pandemic-era stimulus faster. Overseas, Asian stocks are trading lower on Monday, with China slashing its benchmark lending rate for the first time in more than one-and-a-half years.Д¬hina on Monday announced a cut in its one-year loan prime rate from 3.85% to 3.8% - the first such move since April 2020. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 114 points at the opening bell.

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