Plugin

Advertisement

Sensex, Nifty fall over 1 percent reflecting weak global markets amid hawkish tone from US Fed: The Tribune India | Jobs Vox

[ad_1]


PTI

Mumbai, December 15

Equity benchmarks Sensek and Nifty faced heavy losses on Thursday, down over 1 percent each, in tandem with weak global markets, following the US Federal Reserve’s interest rate hike and its hawkish stance.

The 30-share BSE Sensex fell 878.88 points or 1.40 percent to settle at 61,799.03. During the day, it fell by 962.3 points or 1.53 percent to 61,715.61.

The broader NSE Nifty fell 245.40 points or 1.32 percent to end at 18,414.90.

From the Sensex pack, Tech Mahindra, Titan, Infosis, HDFC, ITC, Tata Steel, HDFC Bank, Tata Consultancy Services and State Bank of India were the top laggards.

NTPC and Sun Pharma were the only winners.

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 on Wednesday raised interest rates by 50 basis points on expected lines and hinted at more increases to fight inflation. The US central bank raised the interest rate to 4.25-4.50 percent, 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.”

“IT stocks led to pessimism in the domestic market as fears of a recession in global economies rose following the Fed’s comments.” The market is now awaiting the BoE (Bank of England) and ECB (European Central Bank) decisions, which are likely to follow a half-point hike,” said Vinod Nair, head of research at Geojit Financial Services.

The international reference price of Brent oil decreased by 0.77 percent to 82.06 dollars per barrel.

Foreign institutional investors (FIIs) were net buyers on Wednesday as they bought stocks worth Rs 372.16 crore, according to stock exchange data.

[ad_2]

Source link

Implement tags. Simulate a mobile device using Chrome Dev Tools Device Mode. Scroll page to activate.

x