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The Indian stock market closed lower by 1.5% after a two-day holiday, as Federal Reserve minutes boosted the case for higher U.S. interest rates. Post September 29, this was the steepest drop witnessed by the domestic market, when post the minutes of the Fed meeting last month, several officials said a rate hike was needed “relatively soon”.
The Sensex hit its lowest level in more than 13 weeks. The Nifty hit its lowest level in 9 weeks. Sentiments dampened mainly in reaction to the latest US Fed meeting minutes, suggesting a rate hike in December and further worsened with decline in Asian counterparts, after China reported noticeable contraction in export figures.
Finally, the BSE Sensex ended today’s trading with a loss of 439 points at 27,643. It opened at 28,043, touched an intra-day high of 28,043 and low of 27,643. The NSE Nifty closed with a loss of 135 points at 8,573. It opened at 8,672, hit an intra-day high of 8,682 and low of 8,541.
Among the 50 stocks of the Nifty, ONGC, Infosys, Maruti Suzuki, Cipla, Hero MotoCorp, BPCL, Eicher Motors and Asian Paints were among the gainers, whereas Bank of Baroda, Adani Ports, Idea Cellular, Aurobindo Pharma, HDFC, Tata Power and Hindalco were among the losers today.
Heavy selling was witnessed in realty, banking, telecom, metal, finance, auto, consumer durables and pharma stocks. Only IT index closed up. The India VIX (Volatility) index was down 7.98% at 15.4250. Out of 1,504 stocks traded on the NSE, 1,190 declined and 280 advanced today. The BSE Midcap and Smallcap indices closed in the red.
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