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Sensex, Nifty Close Sharply Lower On Growth Concerns, Interest Rate Jitters
(RTTNews) - Indian stocks fell on Thursday, tracking weak global cues after the Federal Reserve hiked its rate by 50 basis points on Wednesday and signaled more hikes in the coming months.
The Fed expects rates to ultimately be raised higher than forecast back in September. The median forecast suggests rates will be raised to a so-called terminal rate of 5.1% next year compared to the September projection of 4.6%.
The Fed expects inflation to remain elevated in 2023. It expects price growth to slow to 3.1% next year from 5.6% this year, but that is still up from the 2.8% forecast in September and well above the Fed's 2% target.
The benchmark BSE Sensex ended down 878.88 points or 1.4% at 61,799.03, while the broader Nifty index of the National Stock Exchange dropped 245.40 points or 1.32% to settle at 18,414.90.
Technology stocks were among the major losers. Wipro, Infosys, Tata Consultancy Services, Tech Mahindra and HCL Technologies all drifted lower.
Several stocks from financials and metal sectors too closed on a weak note.
State Bank of India dropped 1.7% after the bank said its board has approved a proposal to raise Rs 10,000 crore through Tier I bonds.
Shares of IRCTC tumbled more than 6% The government announced that it will sell a 5% stake in IRCTC through an offer for sale at a floor price of Rs 680 a share to raise Rs 2,700 crore.
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