HomeBusinessWeak trading continues in the market; Sensex fell nearly 484 points...

Weak trading continues in the market; Sensex fell nearly 484 points in early trade

Equity indices started trading on a bearish note on Thursday, reflecting weak global market trend after the US Fed hiked interest rates.

The 30-share BSE Sensex closed 483.71 points lower at 58,973.07 in early trade. NSE Nifty closed 137.95 points lower at 17,580.40.

Bajaj Finserv, HDFC, Wipro, HDFC Bank, Tech Mahindra, HCL Technologies, Power Grid and ICICI Bank were the major laggards in the 30-share Sensex pack.

ITC, Maruti, IndusInd Bank and Hindustan Unilever were the gainers in early trade.

Elsewhere in Asia, markets in Seoul, Tokyo, Shanghai and Hong Kong were trading lower.

US markets closed in negative territory on Wednesday.

“While the Fed’s 75 basis point rate hike and the repetition of the hawkish message were on expected lines, it indicates that the terminal rate is likely to be 4.6%,” said VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

The big question from the Indian market perspective is whether India will continue to outperform in the context of the current global risk appetite, Mr. Vijayakumar said.

On Wednesday, the BSE benchmark had closed 262.96 points or 0.44% lower at 59,456.78. Nifty closed at 17,718.35, down 97.90 points or 0.55%.

Meanwhile, international oil benchmark Brent crude climbed 0.50% to $90.27 a barrel.

Foreign institutional investors (FIIs) offloaded shares worth Rs 461.04 crore on Wednesday, two days after buying, according to data available with the BSE.

“The US Fed raised policy rates by 75 basis points as projected, but more rate hikes could be on the cards in the coming months, worsening market sentiment,” the central bank statement said. As a result, US markets fell sharply in overnight trade, said Prashant Taapsee – Research Analyst, Senior VP (Research), Mehta Equities Ltd.

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