Indian stocks digested volatility by afternoon trade on Thursday and entered into a consolidation phase after the much awaited decision by the US Federal Reserve panned out exactly as anticipated. The Federal Reserve hiked interest rates by 0.25 per cent and indicated that at least 2 rate increases were in the pipeline for next year.
Investors took advantage of lower prices, buying into software, banking and energy stocks, as the Nifty opened with a gap on the lower side. Subsequently, the index rose 100 points from its intra-day low and met with selling pressure on the higher side.
Here is the snapshot of the major events in the market today:
* European markets edged up just a bit in low volume trade.
* The Nifty trades 9 points higher at 8,191 points after a 100-point volatility in early deals. 23 shares rose compared with 27 that fell.
* TCS, Axis Bank, HCL Technologies, Power Grid and Mahindra & Mahindra rose 1.2-2.6 per cent on the index.
* Sun Pharma, Grasim, Tata Motors, NTPC and ITC dropped between 1.2-2.5 per cent on the Nifty.
* Banks were in thick demand with ICICI Bank and Axis Bank being the top two traded counters.
* Lender IFCI was the top traded stock by volume, soaring 4.8 per cent.
* Broader market indices quoted unchanged as investors remained on sidelines.
* FMCG stocks and pharma companies bore the brunt of mild selling pressure. Sun Pharmaceuticals and Aurobindo Pharma were top losers. Jubilant Foodworks and Dabur India dropped further.
* Infosys Technologies, Just Dial and KPIT Cummins were the top gainers within the Nifty IT Index that rose 1.4 per cent.
* Bulls remained on the drivers’ seat on Dalal Street with 871 shares rising versus 679 that fell.
* Geometric Ltd., Hindustan Zinc, Merck adn Indraprastha Gas hit fresh highs.