Volatile stock markets on Thursday fell again as investors reacted to an overnight update from the US Federal Reserve that indicated the central bank plans to raise interest rates as soon as March.
The Sensex, which plunged 1,419 points intra-day, recovered partially close with a loss of 581 points, or 1 per cent, to 57,276.94, taking the total loss in the last 7 sessions to over 4,000 points, or 6.5 per cent. The Nifty50 plunged 168 points to 17,110.15 on Thursday. Nifty has lost 1,198 points over seven sessions. The rupee also lost 31 paise at 75.09 against the dollar on capital outflows and dollar demand.
The hawkish commentary of Fed was mostly in line with expectations, while the global market is looking at the developments of Ukraine. Fed Chair Jerome Powell indicated at a news conference that the central bank had “quite a bit of room to raise rates without threatening the labour market.”
Bank and auto indices gained the most while realty, consumer durables, telecom, IT and healthcare indices fell the most.
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