After the decision of the US Federal Reserve to increase the interest rate, the stock market fell for the second consecutive day, the Sensex fell by 337 points US Federal Reserve to increase the interest rate, the stock market fell for the secon

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After the decision of the US Federal Reserve to increase the interest rate, the stock market fell for the second consecutive day, the Sensex fell by 337 points US Federal Reserve to increase the interest rate, the stock market fell for the secon


Photo:FILE Share market

Highlights

  • Foreign investors sold shares worth a net Rs 461.04 crore on Wednesday
  • Brent crude rose 0.55 percent to $90.32 a barrel
  • US-dollar index moves above 111

US Fed: Domestic stock markets fell for the second consecutive day on Thursday and the BSE Sensex closed more than 337 points lower. Markets declined amid a hike in the policy rate by the US Federal Reserve and a weak global trend. The 30-share Sensex closed at 59,119.72 points, down 337.06 points, or 0.57 per cent. At one point during trading, it had gone down to 624 points. The Nifty of the National Stock Exchange also closed at 17,629.80, down 88.55 points, or 0.50 per cent. PowerGrid, HDFC Bank, HDFC Ltd., Axis Bank, Bajaj Finserv, ICICI Bank and UltraTech Cement were the main losers in the Sensex stocks.

These stocks rose after the fall

On the other hand, the gainers include Titan, Hindustan Unilever, Asian Paints, Maruti and ITC. In other markets in Asia, South Korea’s Kospi, Japan’s Nikkei, China’s Shanghai Composite and Hong Kong’s Hang Seng ended in losses. European stock markets were in a downtrend in early trade. The US market declined on Wednesday. Vinod Nair, Head of Research, Geojit Financial Services, said, “The Federal Reserve has been more aggressive than expected and has indicated a policy rate hike to 4.4 per cent by the end of the year. There are indications that the interest rate may increase by 1.25 percent in the next two meetings on monetary policy. With this the US-dollar index went above 111. The rupee has reached above 80 against the dollar.

Fear of further decline

He said, “Indian stock market managed to maintain its strength with limited downside. But if the rupee continues to depreciate, the market will be less attractive to foreign investors in the near term. Meanwhile, international oil benchmark Brent crude rose 0.55 per cent to $90.32 per barrel. Foreign institutional investors sold shares worth a net Rs 461.04 crore on Wednesday after two days of buying, according to BSE data.

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