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Nifty Close Lower Today After US Fed Says Rate Hikes Earlier than Expected

By Aditya Raghunath — Indian markets closed lower today, following world markets after the US Federal Reserve disrupted the summer torpor that the markets had settled into by signalling on Wednesday that two rate hikes could be in the cards by the end of 2023, a year earlier than expected. closed down 0.48% while the closed 0.34% lower.

Adani Ports and Special Economic Zone Ltd (NS:) continued to freefall and closed 9% lower as did other Adani stocks, three of which hit lower circuits today. Bank stocks were impacted after the Fed’s announcement and fell 1.14% today. IndusInd Bank Ltd. (NS:) was the biggest loser among bank stocks in Nifty, falling 2.96%. The Indian rupee fell to its lowest level in six weeks at Rs 73.83 against the US dollar.

Tech stocks showed strength today with 3 stocks, Tata Consultancy Services Ltd. (NS:) up 1.64%, Infosys Ltd (NS:) up 1.39% and Tech Mahindra Ltd (NS:) up 1.3% among the top 5 gainers in Nifty today.

In Asia, and closed down 0.93% and 0.42% respectively while the gained 0.21% at day’s close.

US stocks are seen opening lower Thursday, after the Fed’s sudden shift took markets by surprise. At the time of this report, are down 0.35%, are 0.36% lower and have dropped 0.55%.


Read More: Nifty Close Lower Today After US Fed Says Rate Hikes Earlier than Expected

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