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the Nifty Metal index ended 1.04 per cent lower weighed by National Aluminium Company, Vedanta and Steel Authority of India. The Nifty PSU Bank index, too, fell 1.80 per cent due to a fall in SBI

Stock market

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	The benchmark indices pared their&nbsp;day&#39;s losses to end largely flat on Thursday amid a hike in key interest rates by the US Federal Reserve.<br />
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	The US central bank raised the key interest rate by 25 basis points (bps) to a target range of 2.25 per cent to 2.5 per cent but forecast fewer rate hikes for 2019. It, however, stuck by a plan to keep withdrawing support from an economy it views as strong.<br />
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	The S&P BSE Sensex ended at 36,432, down 53 points or 0.14 per cent, while the broader Nifty50 index settled at 10,952, down 16 points or 0.14 per cent.<br />
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	Among the sectoral indices, the Nifty Metal index ended 1.04&nbsp;per cent&nbsp;lower weighed by&nbsp;National Aluminium Company,&nbsp;Vedanta and Steel Authority of India. The Nifty PSU Bank index,&nbsp;too, fell 1.80&nbsp;per cent due to a fall in State Bank of India (SBI) and Canara Bank.<br />
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	In the broader market, however, the mid-cap and the small-cap indices settled in green. The S&P BSE MidCap index rose 0.07&nbsp;per cent to 15,531 levels, while S&P BSE SmallCap index ended at 14,782 levels, up 0.12&nbsp;per cent. Both the indices hit their respective 12-week high during the day after a recovery in rate sensitive and consumer discretionary sector stocks.
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		These indices were trading at their respective highest levels since September 28, 2018.<br />
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		<strong>ONGC approves </strong><strong>share</strong><strong> buyback</strong><br />
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			The board of Oil and Natural Gas Corp (ONGC) on Thursday approved buyback of 252.9 million shares for Rs 40.22 billion. The state-owned company, in a regulatory filing, said its board had approved buyback of 1.97 per cent of equity shares for Rs 159 apiece. The stock ended flat at Rs 148 levels on NSE.<br />
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	<strong>Asian Markets</strong></div>
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			Asian shares slid on Thursday after the US Federal Reserve raised rates, as expected, and kept most of its guidance for additional hikes over the next two years, dashing investor hopes for a more dovish policy outlook.</div>
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			MSCI&#39;s broadest index of Asia-Pacific shares outside Japan dropped 1.1 per cent, with Australian shares also declining 1.3 per cent to a two-year closing low. Japan&#39;s Nikkei shed 2.8 per cent to close at its lowest since September 2017. China&#39;s benchmark Shanghai Composite and the blue-chip CSI 300 fell 0.5 per cent and 0.8 per cent, respectively, while the Hang Seng was off 1.1 per cent.<br />
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	<strong>Oil Prices</strong></div>
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	Oil prices fell about 3 per cent on Thursday, heading back towards their lowest levels for more than a year on worries about oversupply and the outlook for energy demand as stock markets tumbled following a US interest rate rise.<br />
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	US light crude oil fell $1.61 a barrel, or 3.3 per cent, to a low of $46.56 and was trading around $46.70. North Sea Brent was down $1.60, or 2.8 per cent, at $55.64 a barrel.</div>
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	<em><strong>(with Reuters input)</strong></em></div>

MARKET WRAP: Fed hikes rate; Sensex slips 53 pts, PSBs, metals crack

Business Standard

MARKET WRAP: Fed hikes rate; Sensex slips 53 pts, PSBs, metals crack | News on Markets - Business Standard

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