In yet another volatile session, the domestic benchmark equity indices trimmed gains after rebounding from Wednesday’s lows and settled flat, amid a bout of investor relief after the US Federal Reserve raised interest rates but countered fears of “not actively considering” a larger 75 basis point rate hike.
D-Street investors also digested Reserve Bank’s surprise rate hike and bought the dip that gave the 30-share pack a 1.5 per cent lift-off. However, the Sensex wiped off 800 points from the day’s high and settled at 55,702.23. Its broader peer, Nifty50, settled above the 16,600 mark. The two measures, however, snapped a three-day losing streak.
Among sectors, IT, power, metal and capital goods rose 1-2 per cent while selling in realty, healthcare and FMCG scrips dragged the benchmarks lower.
Amid a global wave of monetary tightening, markets continue to be hostage to the China Covid-19 situation and the geopolitics crisis.
“The fear of an aggressive rate hike by the Fed was the prime reason for global volatility during the past few days. Fed’s decision to remain less hawkish with a 50bps rate hike downplayed the investor’s worries, helping the global markets to rally. However, the domestic market trimmed its gains towards the end of the day following a sell-off in US futures,” said Vinod Nair, Head of Research at Geojit Financial Services.
IndusInd Bank, Tata Consumer, Sun Pharma, Reliance, Britannia, UltraTech Cement and Nestle India were among the top losers in today’s choppy trade. On the other hand, Tech Mahindra, Hero MotoCorp, Infosys, HCL Tech, Wipro and Tata Steel managed to settle with gains.
Mid and small-cap shares ended on a mixed note as Nifty Midcap 100 index inched 0.10 per cent higher and the small-cap shed 0.75 per cent.
The market breadth stood favoured bears as 1,527 shares advanced while 1,817 declined and 117 were unchanged on BSE.
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