Nifty, Sensex Close Lower After US Fed Rate Hike
NDTV
Eight of the 13 major sectoral indexes declined, with the heavyweight IT index losing 0.77%. HCLTech, Wipro, Infosys were among the top Nifty 50 losers.
Shares settled lower today, dragged by information technology stocks and financials, after the U.S. Federal Reserve reiterated its fight against inflation with a quarter-point rate hike even as it signalled that a pause in policy tightening could be near.
After two sessions of gains, the Nifty 50 index closed 0.44% lower at 17,076.90, while the S&P BSE Sensex fell 0.5% to 57,925.28. The benchmarks traded between 0.6% losses and 0.3% gains as investors digested the Fed's policy decision and comments.
Moreover, U.S. Treasury Secretary Janet Yellen ruled out "blanket insurance" for all domestic banking deposits, which could further dent IT firms as they earn a significant share of their revenue from the United States and Europe.
