Sensex sheds 70 points to close at 60,836, Nifty ends day's trade at 18,052

Mumbai: Benchmark indices - Sensex and Nifty - finished on a weak note on Thursday, extending their previous day’s decline amid a negative trend in global equity markets after the US Fed hiked interest rates by 75 basis points.

The 30-share BSE Sensex declined 69.68 points or 0.11 per cent to settle at 60,836.41.

During the day, Sensex tanked 420.95 points or 0.69 per cent to 60,485.14.

Similarly, the broader NSE Nifty dipped 30.15 points or 0.17 per cent to end at 18,052.70.

From the Sensex pack, Tech Mahindra, PowerGrid, NTPC, Infosys, Wipro, HDFC, Tata Consultancy Services and Mahindra & Mahindra were the major laggards.

State Bank of India (SBI), Titan, Bharti Airtel and Hindustan Unilever were among the winners.

Elsewhere in Asia, markets in Seoul, Shanghai and Hong Kong ended lower.

Stock exchanges in Europe were trading in the negative territory in mid-session deals.

Wall Street had ended significantly lower on Wednesday.

“Fed’s refusal to tone down the rate hike narrative shattered the global markets as investors were in expectation of a dovish commentary. Powell cautioned that the desired Fed rate level is higher than expected, even though he indicated a rate hike of less than 75 bps in the upcoming meetings. On the back of concerns about the US recession, IT stocks led the domestic selloff, while FII support helped limit the losses,” said Vinod Nair, Head of Research at Geojit Financial Services.

International oil benchmark Brent crude was trading 1.16 per cent lower at USD 95.04 per barrel.

Foreign Institutional Investors (FIIs) were net buyers on Wednesday as they bought shares worth Rs 1,436.30 crore, as per exchange data.

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