Sensex tumbles 337 pts after US Fed hikes rate
Mumbai, September 22
Equity benchmarks retreated for the second session on the trot on Thursday, in lockstep with a bearish trend overseas after the US Federal Reserve increased interest rates by 75 basis points and projected more rate hikes to quell scorching inflation.
The rupee plunging 90 paise to an all-time closing low of 80.96 against the US dollar further weighed on sentiment. The hawkish stance by the US Fed and anticipated rate increases by other global central banks sparked a sell-off across emerging markets, hitting equities, currencies and other asset classes.
Falling for the second session, the Sensex declined 337.06 points to close at 59,119.72. On similar lines, the Nifty went lower by 88.55 points to end at 17,629.80.
Powergrid was the biggest loser, dropping 2.80%, followed by HDFC Bank, Axis Bank, HDFC, Bajaj Finserv, ICICI Bank and UltraTech Cement.
