Sensex Sinks Over 350 pts, Nifty Below 17,600 After 75 bps Rate Hike by Fed

Sensex Today: The Sensex and Nifty benchmark indices opened on a shaky ground following a global sell-off after the US Fed raised its benchmark rate by another 75 bps overnight.

The Sensex was down 370.75 points or 0.62 per cent at 59086.03, and the Nifty was down 133.80 points or 0.76 per cent at 17584.50. About 776 shares have advanced, 1013 shares declined, and 114 shares are unchanged.

Power Grid Corp, SBI Life Insurance, Bajaj Finserv, HDFC, and Tech Mahindra were among the major gainers on the Nifty, while gainers were Adani Ports, ITC, Bharti Airtel, HUL and Nestle India.

Weakness ensued the broader markets as well, as Nifty MidCap and SmallCap indices slipped up to 0.1 per cent.

Barring Nifty FMCG and Nifty Media, which opened with marginal gains, most sectors nosedived in negative territory. Nifty IT and Nifty Bank indices declined the most – up to 1 per cent.


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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