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Stock Market Update: Sensex Falls Nearly 1000 Points From Day's High, Nifty Below 15,600

At 12:01 am, the 30-share BSE Sensex slumped 773 points or 1.45 per cent at 52,245, whereas the NSE Nifty 50 index declined 93.95 points or 0.60 per cent at 15,598.

Stock Market Update: Sensex Falls Nearly 1000 Points From Day's High, Nifty Below 15,600
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As the Fed rate hike rattles markets, the Indian equities benchmarks were trading in red after witnessing early gains on Thursday. At 12:01 am, the 30-share BSE Sensex slumped 773 points or 1.45 per cent at 52,245, whereas the NSE Nifty 50 index declined 93.95 points or 0.60 per cent at 15,598. Notably, the US Federal Reserve hiked the interest rate by 75 basis points, the highest since 1994 in order to tame inflation. 

Amongst the broader indices, Nifty Midcap 50 index slumped 0.70 per cent at 7,325, whereas the Nifty Midcap 100 index declined 0.59 per cent at 26,650. All sectoral indices were trading in red. 

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Amongst the NSE listed companies, Reliance Industries, Maruti, ICICI Bank, Britannia and Asian Paint were the top gainers, whereas Hindalco, Cipla, Bharti Airtel, Tata Steel and Bajaj Finance were the top losers. Amongst the BSE-listed companies, Reliance Industries, Maruti, ICICI Bank and Asian Paint, were the top gainers whereas Tata Steel, Wipro, Bharti Airtel, Bajaj Twins, NTPC and Tech Mahindra were the top losers.

The Fed’s benchmark short-term rate will now be pegged to a range of 1.5 per cent to 1.75 per cent — and Fed policymakers forecast a doubling of that range by year’s end.

“We thought strong action was warranted at this meeting, and we delivered that,” Fed Chair Jerome Powell said. With such a steep rate hike the Fed is targeting to bring the inflation rate by 2 per cent. On Friday, the US recorded the highest inflation in 40 years at 8.6 per cent. 

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Meanwhile, Rupee regained 15 paise to close at 78.07 against US Dollar in early trade as a firm trend in domestic equities and a weak American dollar in the overseas market supported the Indian currency. 

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