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Sensex Down By Nearly 1000 Points After Fed's Signal To Hike Rate

In early trade on Thursday the Sensex was down by nearly 1000 points and Nifty50 was below 17,000.

Photo Credit : PTI

1500526329_wkpRyY_sensex-l-pti4.jpg

Domestic stocks lost Rs 3.8 lakh crore in market value within the first five minutes into trading on Thursday. Domestic equity investors woke up to Fed’s latest commentary on hiking rates in March to control persistent inflation.

Fed Chair Jerome Powell admitted after Fed’s meeting on January 26 that inflation is more persistent than previously thought, marking a shift in Fed’s hawkishness that sent the dollar to a 23-month high, US bond yield a notch higher and Asian peers to a 14-month low.

At 10:35 am on Thursday, the BSE Sensex was trading at 56.889.62, down by 968.53 points, whereas the NSE Nifty50 was trading at 16,958.85, down 281.80 points.

On Thursday morning, the rising crude oil prices also added to investors’ woes. Crude oil prices are hovering around their highest levels since 2014 at nearly USD 90/barrel.

Dr Reddy's Labs dropped 2.8 per cent to Rs 4,283. HDFC Bank declined 2.28 per cent to Rs 1,453.40. Wipro, HCL Tech, Titan Company, HDFC, Nestle India and Bajaj Finserv declined over 2 per cent each.

Adani Group’s Adani Wilmar’s IPO will open for subscription later in the day.


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