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Sensex, Nifty fall after 2 days; smallcaps take a beating

Fag-end selling in bank, IT and auto stocks weighed on the market.

Updated: Mar 22, 2018, 06.08 PM IST
Share market: Sensex down 130 pts, Nifty at 10,114 after US Fed hikes rate
Share market: Sensex down 130 pts, Nifty at 10,114 after US Fed hikes rate
NEW DELHI: Snapping its two-day winning run, the domestic equity market ended in the red on Thursday on US Federal Reserve signalling faster pace of rate hikes and rising crude oil prices.

Fag-end selling in bank, IT and auto stocks weighed on the market. Global cues were also weak in anticipation of the US imposing hefty tariffs on Chinese imports.

The 30-share Sensex closed 130 points, or 0.39 per cent, lower at 33,006, with 22 stocks in the red. The NSE Nifty50 settled 41 points, or 0.40 per cent, down at 10,115, with 36 stocks declining.

"Market sentiment bordered on negative, as crude oil prices jumped. European and Asian bourses declined after the US Federal Reserve raised interest rates by 25 basis points, for the first time this year and signalled that it still expects to deliver two more before the end of the year," said Anand Shah, Deputy CEO & Head of Investments, BNP Paribas Mutual Fund.

Broader BSE Midcap and Smallcap indices underperformed benchmark Sensex, declining up to 1.05 per cent.

Shares of State-run ONGC emerged top Sensex gainer with a rise of over 2 per cent. It was followed by IndusInd Bank, Tata Motors and Reliance Industries, all rising over 1 per cent each.

Shares of Sun Pharma closed half-a-percent higher after the drug maker received the USFDA approval for a plaque psoriasis drug tildrakizumab.

However, Shares of State Bank of India, Wipro, Mahindra & Mahindra, ICICI Bank and Maruti Suzuki cracked over 2 per cent.

Among sectoral indices, BSE Realty, telecom, capital goods and Industrials slid up to 1.28 per cent. Only energy, consumer durables and metal indices rose.

On the NSE, Nifty PSU Bank index plunged over 2 per cent to remain the top loser among the sectoral indices, with IDBI Bank as the solitary gainer in the index. Shares of Syndicate Bank, State Bank of India, Andhra Bank and Bank of India tumbled over 2 per cent on NSE.

The US tariffs on Chinese imports worth as much as up to $60 billion are set to be unveiled later Thursday, Reuters reported. The fear that the move might trigger a trade war between the two largest economies of the world, kept global markets under pressure.

Among Asian peers, only Nikkei managed to close the day 1 per cent up. Rest, including Hang Seng and Shanghai SE Composite Index sank up to 1.09 per cent on Thursday.

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