Markets trade lower after US Fed policy outcome; Sensex falls 250 pts, Nifty below 18,600

15 Dec 2022 , 09:45 AM

Indian markets extended their losses on Thursday’s early bell led by a broad-based selloff across sectoral indices. IT, metals and FMCG stocks were the worst hit. Sensex was below 62-500-mark and Nifty 50 erased 18,600-level.

At around 9:42 AM, Sensex was trading at 62,433.06 lower by 244.85 points or 0.39%. Nifty 50 was performing at 18,587.45 below 72.85 points or 0.39%.

In terms of sectoral indices, on NSE, the IT, Consumer Goods, Metal, FMCG index were under selling pressure has plunged between 0.7-0.1%. However, the banking, auto, PSU Banks and pharma stocks logged maginal buying.

SBI Life, IndusInd Bank, NTPC, Britannia and HDFC Life were among the top gainers.

Tech Mahindra, Infosys, HCL Tech, HUL and Tata Consumers were top bears.

India’s  Wholesale Price Index hits 21-month low of 5.85% in November month aided by a favourable base and a sharp drop in food inflation.

Further, on Wednesday, US Fed raised the key rate by 0.50% to 4.50% and in the speech Fed Chair Jerome Powell said that the Federal Reserve will deliver more interest rate hikes next year even as the economy slips towards a possible recession.

On the Asian front, markets opened mildly lower with the fall in yields & US$ acting as support against the US cues.The Japanese ‘Nikkei’ was trading lower by 20 points in early trade while the New Zealand index was in the green.

overnight, on Wall Street, US stocks witnessed downfall as yields fall to 3.49% while US$ hits fresh new lows of 103.65 the lowest in over 4 months.

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