Stock market bleeds post US Fed's interest rate hike
Reacting to US Federal Reserve rate hike on Wednesday, Sensex and Nifty opened on highly lower note on Thursday.
New Delhi: Reacting to US Federal Reserve rate hike on Wednesday, Sensex and Nifty opened on highly lower note on Thursday.
The Sensex traded down 165.32 points or 0.6 percent at 26437.52 and the Nifty traded down 53.20 points or 0.6 percent at 8129.25.Shares such as Tata Motors, ITC, Bharti Airtel, Sun Pharma and Hero MotoCorp were amongst the losers in the Sensex, while amongst the gainers are Adani Ports, Cipla, Infosys and Dr Reddy`s Labs.
Federal Reserve raised interest rates by a quarter point and signaled hikes could come next year at a faster pace than some expected.
The Fed`s decision to raise rates comes as President-elect Donald Trump, who will be sworn in next month, is seen cutting taxes and increasing spending on infrastructure.Fed Chair Janet Yellen indicated the central bank was, at the margins, adapting to Trump, as some committee members began shifting fiscal policy assumptions to slightly faster growth and lower unemployment.
On the other hand, the Indian rupee has opened at 67.76 against the US dollar, down 33 paise from previous close after the Federal Reserve hiked interest rate and its commentary was more hawkish than expected.US stocks fell the most in two months Energy stocks weighed the most on the S&P 500 after a sharp drop in US crude oil prices.
With ANI Inputs