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HomeEconomySensex Falls 300 pts, Nifty Settles at 17,630 on F&O Expiry; Financial...

Sensex Falls 300 pts, Nifty Settles at 17,630 on F&O Expiry; Financial Stocks Drag


Sensex Today: Benchmark indices swung in trade on Thursday as investors digested a 75-basis point interest rate hike by the US Federal Reserve. Besides, the weekly F&O derivatives expiry added to the volatility. BSE Sensex fell 337 points or 0.6 per cent to 59,120, while NSE Nifty 50 was down 89 points or 0.5 per cent to settle at 17,630.

The broader markets, on the contrary, ended in the positive zone, with the BSE MidCap and SmallCap indices advancing up to 0.5 per cent.

Sectorally, indices ended mixed with the Nifty FMCG index rising over 1 per cent, while the Nifty Bank, and Financial Services indices falling up to 1.4 per cent each.

Rupee

The Indian rupee is seen hitting a record low against the dollar on Thursday after the U.S. Federal Reserve hiked rates by 75 basis points on Wednesday and indicated more large rate hikes. The rupee is expected to open around 80.25-80.30 per U.S. dollar in early trades, down from 79.9750 in the previous session. The previous record low for the local unit was 80.12 reached late in August, Reuters reported.

Global Cues

The dollar surged to a fresh two-decade high against major peers and stocks fell on Thursday after the Federal Reserve raised US interest rates and forecast more hikes ahead than investors had expected.

Tokyo stocks opened lower Thursday, extending losses on Wall Street after the US Federal Reserve announced a third successive jumbo interest rate hike, with focus now shifting to the Japanese central bank’s meeting.

Wall Street’s main indexes see-sawed before slumping in the final 30 minutes of trading to end Wednesday lower, as investors digested another supersized Federal Reserve hike and its commitment to keep up increases into 2023 to fight inflation.

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