Rate hike fears trigger profit booking

US Fed Hawkish Stance

♦ US Fed hinted one more rate hike by Dec

♦ BSE Sensex fell 570.60 pts or 0.85% to 66,230.24

♦ During the day, Sensex plunged 672.13 pts or 1% to 66,128.71

Equity benchmark indices Sensex and Nifty buckled under selling pressure for the third straight session to settle nearly one per cent lower on Thursday as investors pared exposure to auto, banking and financial shares amid a sluggish trend in global markets. Global equities fell after the US Federal Reserve signalled that they expect to raise rates once more this year to fight inflation.

The 30-share BSE Sensex fell 570.60 points or 0.85 per cent to settle at 66,230.24. During the day, it plunged 672.13 points or 1 per cent to 66,128.71. The Nifty declined 159.05 points or 0.80 per cent to end at 19,742.35. Market capitalisation (Mcap) on BSE fell by Rs2,61,255.29 crore to Rs3,17,90,603.86 crore (Rs317.91 lakh cr) on Thursday. Market capitalisation (Mcap) on BSE fell by Rs2,61,255.29 crore to Rs3,17,90,603.86 crore (Rs317.91 lakh cr) on Thursday.

“Domestic market declined following a hawkish stance by the Fed chair and prolonged high-interest rate trajectory, which is not posi