Sensex falls 337 points post US Federal Reserve interest rate hike, Nifty closes at 17,629 points

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Mumbai: The Indian Stock Market’s benchmark index BSE Sensex closed at 59,119 after falling 337 points on Thursday following the US Federal Reserve hiked interest rate by 75 basis points. It indicated that the borrowing costs would be increased further in the coming months.

Earlier, the Sensex started the day in the red at 59,073 points. It slipped to a low of 58,832 points. Sensex had lost 263 points on Wednesday.

The NSE Nifty 50 slumped to 17,629 points by falling 88.55 points or 0.5% against its previous day’s close at 17,718 points. The stock markets slumped across the world after the US Federal Reserve on Wednesday increased its policy interest rate by 75 basis points. The Fed also raised its target interest rate by three-quarters of a percentage point to a range of 3 to 3.25 per cent.

Power Grid Corporation, Bajaj Finserv, UltraTech Cement, HDFC, Kotak Bank, Tech Mahindra and Tata Steel were among the major Sensex losers. Asian Paints, Maruti Suzuki, ITC, Dr Reddy`s Laboratories, Sun Pharma, Bharti Airtel and Mahindra & Mahindra were among the major Sensex gainers. 

(With ANI Inputs)