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MARKET WRAP: Sensex ends 139 pts lower, Nifty at 10,808 as Fed hikes rates

SI Reporter/New Delhi 14 Jun 18 | 03:30 PM

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The benchmark indices ended lower after the US Federal Reserve raised interest rates and took a more hawkish tone in forecasting a slightly faster pace of tightening for the rest of the year.

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The S&P BSE Sensex ended at 35,600, down 139 points while the broader Nifty50 index settled at 10,808, down 49 points.

Among sectoral indices, the Nifty IT index ended 1.5% lower led by a fall in shares of MindTree, Tech Mahindra and Tata Consultancy Services.

FEDERAL RESERVE

Investors latched on to a change in Fed policymakers’ rates projections, which pointed to two additional hikes by the end of this year compared to one previously, based on board members’ median forecast.

The Fed has raised rates seven times since late 2015 on the back of the economy's continuing expansion and solid job growth, rendering the language of its previous policy statements outdated.

DOMESTIC ECONOMIC DATA

Back home, the Wholesale inflation spiked to 4.43 per cent in May, from 3.18 per cent in April, according to the government data released on Thursday.

Meanwhile, India's current account deficit (CAD) rose to $13 billion (Rs 878 billion and 1.9 per cent of gross domestic product, or GDP) in the fourth and final quarter (Q4 of 2017-18), compared to $2.6 billion (Rs 176 billion and 0.4 per cent of GDP) in the same period of 2016 -17.

For the full financial year (2017-18), the deficit increased to 1.9 per cent of GDP, from 0.6 per cent in 2016-17. 

GLOBAL MARKETS

Globally, MSCI's broadest index of Asia-Pacific shares outside Japan lost 1.0 per cent. Shares in South Korea and Taiwan fell over one per cent.

Japan's Nikkei dropped 0.6 per cent. In mainland China, the Shanghai composite index hit a 20-month closing low, shedding 0.4 per cent.

(with inputs from Reuters)

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Sensex

Company Price Gain (%)
Yes Bank392.953.76
St Bk of India302.003.18
Vedanta215.003.09
Hind. Unilever1,780.802.63
Tata Motors257.352.47

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