Sensex ends choppy day 337pts down; Nifty atop 17,600; banks dip, FMCG gain

CLOSING BELL: Sectorally, indices ended mixed with the Nifty FMCG index rising over 1 per cent, while the Nifty Bank, and Financial Services indices falling up to 1.4 per cent each

Sensex ends choppy day 337pts down; Nifty atop 17,600; banks dip, FMCG gain

CLOSING BELL

Stock market highlights: Benchmark indices swung in trade on Thursday as investors digested a 75-basis point interest rate hike by the US Federal Reserve. Besides, the weekly F&O derivatives expiry added to the volatility.

The S&P BSE Sensex gyrated 625 points intra-day before closing at 59,120, down 337 points or 0.57 per cent. The NSE Nifty50, on the other hand, settled at 17,630, down 89 points or 0.50 per cent.

The broader markets, on the contrary, ended in the positive zone, with the BSE MidCap and SmallCap indices advancing up to 0.5 per cent.

Sectorally, indices ended mixed with the Nifty FMCG index rising over 1 per cent, while the Nifty Bank, and Financial Services indices falling up to 1.4 per cent each.

4:15 PM

EXPERT ON GOLD | Jateen Trivedi, VP Research Analyst at LKP Securities

Gold traded positive in MCX and Comex as dollar index rise provided rupee fall and in MCX prices held above 49300 after opening even though comex gold was weak below $1660 and dollar high above $111.50. In after trade dollar index saw profit booking which gave a spike to Comex gold towards $1675 and rupee too fell below 80.75 due to sell-off by FIIs helping Gold in MCX to scale high above 49850. As long as Comes gold remains above $1650. Gold can be seen as buy on dip assets in current global high inflation macroeconomics.

4:10 PM

COMMODITIES CHECK | Brent Crude steady above $90 per barrel

4:05 PM

Bank of England poised for another big interest rate hike amid inflation

Britain's central bank is under pressure make another big interest rate hike Thursday, with inflation outpacing other major economies. READ MORE

4:00 PM

GLOBAL CHECK | European markets fall amid weak global sentiments

3:55 PM

GLOBAL CHECK | US equity futures flat post 75 bps rate hike

3:51 PM

MARKET COMMENT | Vinod Nair, Head of Research at Geojit Financial Services

Fed turned more hawkish than anticipated increasing its rate forecast to 4.4% by the end of 2022. The indication is that 125bps more rate hikes can be expected in the next 2 policy meetings scheduled this year. Following this, the US dollar index rose above 111, depreciating INR to beyond 80. Indian stock market was able to sustain its resilience with limited cuts but if the rupee continues its weakness domestic market would turn less attractive for foreign investors in the short-term, effecting performance.

3:48 PM