The Indian equity markets slipped into the negative territory on Thursday, a day after US Federal Reserve hiked its benchmark rates.
The rate-hike assumes significance as it is expected to lead foreign portfolio investors away from emerging markets such as India, and is also expected to dent business margins as access to capital from the US will become expensive.
Heavy selling pressure was witnessed in oil and gas, automobile and capital goods stocks.
Around 3.30 p.m., the wider 51-scrip Nifty of the National Stock Exchange (NSE) fell by 43.45 points or 0.45 per cent to provisionally close at 9,574.70 points.
The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 31,222.89 points, closed at 31,075.73 points -- down 80.18 points or 0.26 per cent from its previous close at 31,155.91 points.
The Sensex touched a high of 31,229.44 points and a low of 31,026.48 during intra-day trade.
The BSE market breadth was, however, bullish -- with 1,383 advances and 1,261 declines.
--IANS
ppg/vt
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