Sensex ends lower over Fed rate hike

Mumbai: In line with weakness in global markets, the BSE Sensex and Nifty50 ended lower on Thursday after the US Federal Reserve raised its short-term interest rate.

Despite a strong recovery in the last hour of the trade, Sensex closed 50 points lower, snapping its 7-session long gaining streak.

Metal and telecom stocks along with index pivotals finance and banking stocks ended lower.

Sensex settled 52.66 points or 0.14 per cent lower at 36,431.67 after touching an intra-day high of 36,475.52 and a low of 36,202.90.

The Nifty50 lost 15.60 points or 0.14 per cent to finish at 10,951.70.

“Fed’s decision to increase the short-term interest rate and its indication for a milder path of future increase weakened the dollar which supported the domestic currency,” Anuj Gupta, Deputy Vice President – Research, Commodities and Forex, Angel Broking, told IANS.

The Indian rupee gained close to 40 paise after the Fed decision and a sustained decline in the global crude oil prices. It traded around 70 against the US dollar after closing at 70.40 on Wednesday.

The benchmark Brent Crude also slipped to $55.48 a barrel.