Stock Market Update: Sensex plunges 879 Points, Nifty Levels Off Below 18450 Following Fed Rate Increases

Stock Market Update: The two major domestic equity benchmarks, the Sensex and Nifty, fell significantly on Thursday amid weak global cues as investors dumped shares across sectors. This was in response to the US Federal Reserve raising interest rates by 50 basis points (bps).

The wide NSE Nifty fell by 245 points to 18,415 while the S&P BSE Sensex closed at 61,799, down 879 points.

Today's top gainers

On the 30-share Sensex platform barring two stocks, all were placed in the red. TechM was the prime loser, down 3.98 per cent. On the flip side, NTPC and Sun Pharma were the only two gainers. Among individual stocks, shares of IRCTC dipped 5 per cent to Rs 696.70 after the government fixed floor price at Rs 680 per share for its stake sale via OFS.

Stock Market Update: Nifty MidCap 100 and Nifty SmallCap 100 rises

In the broader markets, Nifty MidCap 100 and Nifty SmallCap 100 indices gained up to 0.1 per cent. Sectorwise, Nifty IT pack was the worst hit, down over 2 per cent. This was followed by the Nifty PSU Bank index (down 1.88 per cent). 

What today's session says about Nifty and Sensex

Following the US Federal Reserve's most recent policy announcement, markets fell on Thursday, which caused stocks to decline globally. Retail stocks lost 2% to lead losses in the early trading of the pan-European Stoxx 600, which was down 1.2% overall. All major bourses and sectors also experienced losses. Nikkei, Kospi, and Hang Seng all had declines of up to 1.5% in Asia.

The BSE Sensex increased by 145 points (0.23%) to conclude the previous session on Thursday at 62,678 while the Nifty increased by 52 points (0.28%) to finish at 18,660. The indices reached their respective intraday highs of 62,835 and 18,696.

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