Indian markets ended marginally lower in line with the weak trend across Asia on Thursday as traders encountered selling pressure at higher levels after news that the US Federal Reserve had hiked interest rates.
A firm, upward trend in borrowing costs in the US prompts selling in Emerging markets assets as most US investors withdraw investments in Asia to tap into potentially higher income from US bonds. Local markets also braced for at least 2 increases in US interest rates during 2017 as economic data improves over time.
The benchmark Nifty Index showed a 100-point volatility in the 1st half hour of trade, moving in the range of 8,120-8,220 points. However, traders pressed aggressive sales in pharma, FMCG and auto stocks at higher levels.
Here is a snapshot of major events in Thursday’s trade:
* US Federal Reserve hikes interest rates by 0.25 per cent, sparking a mild sell-off in Asian equities.
* The Nifty Index shed 29 points to end at 8,153 points. 32 stocks rise, 18 shares fall on the index.
* Sun Pharma, Tata Motors, Grasim, NTPC and Ambuja Cement drop 2.1-4.4 per cent on the Nifty.
* TCS, Axis Bank, HCL Tech, ONGC and Mahindra & Mahindra rise 1.1-2.5 per cent on the index.
* Axis Bank, Sun Pharma, ICICI Bank are top traded counters by value.
* IFCI, Tata Power figure in the list of most traded stocks by volume.
* The Sensex lost 84 points to close at 26,519 points. NTPC was the top loser. Strong buying in ONGC and Power Grid seen.
* Broader market indices lost between 0.2-0.3 per cent. Mid Cap and Small Cap indices edge up. JSW Energy, Indraprastha Gas and JSW Energy exhibit smart gains.
* Pharma, FMCG and Auto indices drop between 0.3-1.9 per cent.
* PSU Bank, Software and Realty indices gain 0.2-0.7 per cent.
* Both the bulls and bears were evenly matched in trade with the Advance-Decline Ratio at 1:1.
* Zee Media, Gokul Refoils and Sonata Software hit fresh highs.