CLOSING BELL: IT, Power stocks logged significant losses, even as select financial stocks gained.

NSE, national stock exchange, nifty50

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		<strong>STOCK MARKET HIGHLIGHTS</strong></div>
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		The S&P BSE Sensex opened with a negative gap of 420 points at 60,485, weighed by weak global cues after the US Federal Reserve hiked interest rates by 75 baiss points.&nbsp;</div>
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		The BSE index, however, soon recouped losses and rebounded into the positive zone, gaining as much as 509 points from the day&rsquo;s low. However, the benchmark evenutally slipped back into red, and ended with a minor loss of 70 points at 60,836.</div>
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		The NSE Nifty 50 was down 30 points at 18,053 at close on Thursday.<br />
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		&quot;Fed&#39;s refusal to tone down the rate hike narrative shattered the global markets as investors were in expectation of a dovish commentary. Powel cautions 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&quot;, said Vinod Nair, Head of Research at Geojit Financial Services.<br />
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			Among the Sensex 30 stocks, Tech Mahindra shed 2.5 per cent. PowerGrid Corporation, NTPC, Infosys, Wipro, HDFC and TCS were down 1-2 per cent each. On the positive front, SBI gained nearly 2 per cent ahead of its Q2 results. <a href="https://www.business-standard.com/article/markets/sbi-gains-2-hits-new-high-ahead-of-q2-results-on-saturday-122110300881_1.html" target="_blank"><strong>READ MORE</strong></a></div>
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				Titan, Bharti Airtel and Hindustan Unilever were the other prominent gainers.</div>
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				In the broader market, the BSE Midcap and Smallcap indices ended marginally higher. The overall breadth too was slightly positive, with nearly 1,800 shares advancing versus 1,670-odd declining stocks on the BSE.</div>
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			Sectorally, the BSE IT and Power indices slipped over a per cent each. The Auto index was the other notable loser.&nbsp;&nbsp;</div>
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	Among individual stocks, shares of <strong>M&M Financial Services</strong> soared 13.5 per cent despite 55 per cent YoY decline in net profit to Rs 492 crore in Q2FY23. <a href="https://www.business-standard.com/article/markets/m-m-financial-services-surges-9-on-healthy-business-growth-in-q2fy23-122110300235_1.html?1667449362" target="_blank"><strong>READ MORE</strong></a></div>
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	Besides, shares of <strong>Varun Beverages</strong>&nbsp;extended its rally to the third day after the company reported a strong set of numbers for the third quarter ended September 2022 (Q3CY22). <a href="https://www.business-standard.com/article/markets/varun-beverages-soars-12-in-3-days-nears-record-high-on-strong-q3-results-122110300288_1.html?1667451307" target="_blank"><strong>READ MORE</strong></a></div>
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Sensex recoups 350pts from day's low, ends flat; Nifty holds 18K; SBI up 2%

Business Standard

Sensex recoups 350pts from day's low, ends flat; Nifty holds 18K; SBI up 2% | News on Markets - Business Standard

FIIs pump Rs 1,436 crore into equities on Wednesday

Rupee weakens 8 paise to close at 82.78/$ Wednesday

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Brent Crude nears $96 per barrel, down 0.3%

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US equity futures hold tepid gains after weak close for Wall Street

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GLOBAL DATA | China services PMI contracts to 48.4 in Oct, lowest since May

Hang Seng leads losses in Asia, sinks over 2%

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US markets drop up to 3% as Fed maintains hawkish tone

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