Even as the street is factoring in a rate hike of 25 basis points, experts believe the stance could change from “withdrawal of accommodation" to “neutral”.
Nifty metal index was down by 1.86% by 3 p.m.
This is the 8th consecutive interest rate hike by the US Central Bank since the beginning of 2022.
Budget has brought some positivity; US Federal Reserve raises interest rate by 25 basis points.
On the sectoral front, Nifty IT, Pharma and Oil & Gas stocks were under selling pressure.
The IT, FMCG, Pharma, Oil & Gas, Consumer Good stocks logged selling pressure.
On the sectoral front, except Nifty IT, all the sectoral indices are trading in the red.
On NSE, the Metal index was higher by 1.1% and PSU Banks surged by 2%.
Except pharma and auto index, all other sectoral indices were in the red with a downside ranging from 1-6%.