Sensex, Nifty slump as US Fed hikes policy interest rates

ANI
22 Sep 2022, 14:33 GMT+10

Mumbai (Maharashtra) [India], September 22 (ANI): The Indian stock market's key indices, Sensex and Nifty, fell sharply on Thursday after the US Federal Reserve hiked policy interest rate by 75 basis points and signaled that the borrowing costs would be increased further in the coming months.

The 30 stock SP BSE Sensex was trading 151.04 points or 0.25 per cent down at 59,305.74 points against its previous day's close at 59,456.78 points.

Earlier, the Sensex started the day in the red at 59,073.84 points slumped to a low of 58,832.78 points.

The benchmark index is trading in the red for the third consecutive session. The Sensex had lost 262.96 points or 0.44 per cent on Wednesday.

The broader Nifty 50 of the National Stock Exchange was trading 51.55 points or 0.29 per cent down at 17,666.80 points against its previous day's close at 17,718.35 points.

The Nifty had lost 97.90 points or 0.55 per cent on Wednesday.

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.

Banking stocks witnessed heavy selling pressure. Axis Bank slumped 1.82 per cent to Rs 791.30. HDFC Bank fell 1.57 per cent to Rs 1494.95. ICICI Bank dipped 0.89 per cent to Rs 907.20. Kotak Bank fell 0.79 per cent to Rs 1903.

Power Grid Corporation, Bajaj Finserv, UltraTech Cement, Reliance Industries Limited and Wipro were among the major Sensex losers.

Hindustan Unilever jumped 2.50 per cent to Rs 2689.55. Asian Paints, Titan, ITC, Maruti Suzuki, Dr Reddy's Laboratories and Nestle India were among the major Sensex gainers. (ANI)

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Professional Autos.

More Information

null in null

Business

Section

BRICS issues rebuke on trade and Iran, avoids direct US criticism

RIO DE JANEIRO, Brazil: At a two-day summit over the weekend, the BRICS bloc of emerging economies issued a joint declaration condemning...

BP appoints ex-Shell finance chief Simon Henry to board

LONDON, U.K.: This week, BP appointed Simon Henry, former Shell finance chief, to its board as a non-executive director effective September...

FedEx, UPS step up as Canada Post loses market share in strikes

OTTAWA, Canada: With Canada Post struggling to maintain operations amid labour unrest, rivals like FedEx and UPS are stepping in to...

U.S. stocks steady Tuesday despite tariffs turmoil

NEW YORK, New York - U.S. and global markets showed a mixed performance in Tuesday's trading session, with some indices edging higher...

Beijing blamed for covert disinformation on French fighter jet Rafale

PARIS, France: French military and intelligence officials have accused China of orchestrating a covert campaign to damage the reputation...

Birkenstock steps up legal battle over fakes in India

NEW DELHI, India: Birkenstock is stepping up its efforts to protect its iconic sandals in India, as local legal representatives conducted...

Engineering

Section

"Amit Shah has released Rs 2,006 cr for disaster relief, Rs 93,000 cr allocated under PMAY": Nadda visits flood-hit Mandi district in Himachal

Mandi (Himachal Pradesh) [India], July 9 (ANI): Stressing the Central government's relief measures for disaster-affected Himachal Pradesh,...