Stock Market Highlights
: Indian equity benchmarks BSE Sensex and NSE Nifty50 made a violent U-turn to 13-month closing lows on Thursday, as nervousness set in among investors globally after initial gains even as the Fed’s move to hike the key interest rates by 75 bps was along expected lines. All sectors were deep in the red on Dalal Street, with financial, IT, oil & gas and metal shares being the biggest contributors to the plunge in headline indices.
Broader markets also mirrored the losses in main gauges. The Nifty Midcap 100 and Nifty Smallcap 100 indices dropped 2.3 percent and 3.4 percent respectively.
Fed Chair Jerome Powell said the central bank is not trying to induce a recession, as it cut growth projection for the world’s largest economy seeing rising unemployment ahead.
First Published: IST