Advertisement
X

Sensex, Nifty Fall Ahead Of US Federal Reserve Interest Rate Decision

Among the 30-share Sensex pack, PowerGrid, IndusInd Bank, UltraTech Cement, NTPC, Larsen & Toubro, HCL Technologies, Dr Reddy's, TCS and Bharti Airtel were the biggest laggards

The Sensex and Nifty ended lower on Wednesday amid mixed global market trends ahead of the keenly awaited US Fed interest rate decision. The US central bank is expected to raise its key short-term rate by a substantial three-quarters of a point for the third consecutive time. Another hike that large would boost its benchmark rate — which affects many consumer and business loans — to a range of 3% to 3.25%, the highest level in 14 years.

Advertisement

Many Fed watchers, though, will be paying particular attention to Powell’s words at a news conference afterward. His remarks will be parsed for any hint of whether the Fed expects to moderate its rate hikes in the coming months — or instead to continue tightening credit significantly until it’s convinced that inflation is on its way down.

The S&P BSE Sensex fell 263 points or 0.44 per cent to settle at 59,456.78. During the day, it tanked 444.34 points or 0.74 per cent to 59,275.40 and NSE Nifty 50 fell 97.90 points or 0.55 per cent to end at 17,718.35.

Among the 30-share Sensex pack, PowerGrid, IndusInd Bank, UltraTech Cement, NTPC, Larsen & Toubro, HCL Technologies, Dr Reddy's, TCS and Bharti Airtel were the biggest laggards.

However, Hindustan Unilever, ITC, Bajaj Finance, Tech Mahindra, Reliance Industries, Mahindra & Mahindra and Nestle were the gainers.

Elsewhere in Asia, markets in Seoul, Tokyo, Shanghai and Hong Kong ended lower.

Advertisement

European bourses were trading mostly higher in mid-session deals. The US markets had ended in the negative territory on Tuesday.

Meanwhile, the international oil benchmark Brent crude climbed 2.38 per cent to USD 92.78 per barrel.

Foreign institutional investors (FIIs) were buyers as they bought shares worth a net Rs 1,196.19 crore on Tuesday, according to data available with the BSE.
 

Show comments