Mumbai, December 15
The Sensex fell 879 points while the Nifty fell below the 18,415 mark on Thursday, in tandem with a global sell-off after the US Federal Reserve hiked interest rates and signaled more hikes in its fight against inflation. A depreciating rupee added to the gloom, traders said.
Reversing its two-day winning streak, the BSE Sensex gained 878.88 points to end at 61,799.03. The NSE Nifty fell 245.40 points to end at 18,414.90.
Tech Mahindra the biggest loser
- Reversing its two-day winning streak, the BSE Sensex gained 878.88 points to end at 61,799.03. The NSE Nifty fell 245.40 points to end at 18,414.90
- Tech Mahindra was the biggest laggard among the Sensex components, down 3.98%, followed by Infosys, Titan, HDFC, ITC, HDFC Bank, Tata Steel and TCS
- Only Sun Pharma and NTPC managed to close in the red, gaining up to 0.08%
Tech Mahindra was the biggest laggard among the Sensek components, down 3.98%, followed by Infosys, Titan, HDFC, ITC, HDFC Bank, Tata Steel and TCS.
Only Sun Pharma and NTPC managed to close in the green, gaining up to 0.08%.
The US Fed on Wednesday raised interest rates by 50 basis points on expected lines and hinted at more hikes to fight inflation, even as the world’s largest economy stares at a possible recession. The US central bank raised the interest rate to 4.25-4.50%, the highest level in the last 15 years.
“The Fed surprised the market by maintaining its hawkish tone as investors expected a softer approach after the release of better-than-expected inflation data.” Elsewhere in Asia, stock markets in Seoul, Tokyo, Shanghai and Hong Kong ended lower.
Stocks in Europe were trading in the red in mid-session business. US markets ended in negative territory on Wednesday.
“The US Fed effect led to a massive sell-off in the markets as banking, IT, metals and real estate were hit by investors,” said Shrikant Chouhan, head of equity research (retail), Kotak Securities Ltd.
“Markets were disappointed after the Fed hinted that the rate hike regime would continue next year, adding to the already fragile market sentiment that prompted investors to reduce their exposure to stocks,” he added.