Sensex slips over 100 pts after Fed ups interest rate; Dish TV, HDFC Bank stocks gain
Equity benchmarks edged lower led by Reliance Industries, ICICI Bank, SBI, TCS and Axis Bank.
Equity benchmark indices opened lower after the U.S. Federal Reserve raised benchmark rates by 25 basis points.
At 9:52 AM, BSE Sensex was trading at 35,596, down 143 points, while the Nifty50 index was trading at 10,808, lower by 28 points.
The BSE Mid-cap Index is trading down 0.18% at 16,048, while BSE Small-cap Index is trading down 0.05% at 17,021.
The government today has approved HDFC Bank to raise Rs24,000cr in foreign direct investment (FDI) to fund its business growth.
Dish TV India stock gained 2.5% after ace investor Rakesh Jhunjhunwala bought shareholding worth Rs93cr.
Shares of ICICI Bank slipped 1% as company to offload 2% stake in its insurance arm.
On the economy front, WPI figures will be released for May.
IT stocks fell as rupee appreciated against the US dollar in morning trade.
Volatility index India VIX was down 1.32% to 12.4675.
Hindalco (+1.3%), Bharti Airtel (+1%), Tata Steel (+1%), Cipla (+0.76%) and HDFC Bank (+0.51%) were the top gainers on Nifty50.
SBI (-1.5%), HPCL (+1.4%), Wipro (-1.2%), IOC (-1%) and NTPC (-1%) were the top losers.
Of the 2,039 stocks traded on the NSE, 703 advanced, 834 declined, and 502 remained unchanged on Thursday’s trade.
The Indian rupee opened higher at 67.56 per dollar against yesterday’s close of 67.64.
Asian indices saw profit booking at open, as equity markets globally reacted to a rather ‘Hawkish” Federal Reserve who indicated a possibility of 2 hikes in 2018.
US indices close with losses as Federal Reserve raises rates by 25 basis points and points to possibility of another 2 hikes in 2018. Bond yields spike but close unchanged, however equities lose ground globally.