Stock Market India: Sensex declines nearly 400 points, tracking a fall in global stocks Indian equity benchmarks extended losses from the previous session to slump on Thursday after the US Federal Reserve hiked rates by 75 basis points (bps) for the fourth consecutive time and hinted at a higher peak in borrowing costs.
The NSE Nifty index fell 0.4 per cent but held just above the 18,000 level, and the BSE Sensex index declined 278 points to around 60,628 in early trade.
Among the winners were Titan, Axis Bank, Bharti Airtel, ITC, and Maruti.
The Monetary Policy Committee (MPC) of the Reserve Bank of India will meet later in the day and is anticipated to debate how the bank would respond to the government after failing to achieve its inflation target for three consecutive quarters.
"The Fed is now more comfortable with taking smaller rate increases for a longer period than delivering larger increases now," Brian Daingerfield, an Analyst at NatWest Markets, told Reuters. "
The tightening cycle is officially now a marathon, not a sprint."
Source: NDTV
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