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Nifty Ends Lower As Global Markets See Sell-off


Indian markets closed the day lower, as global markets saw selling pressure, following stellar gains the previous day, after the US Fed hiked interest rates.

US markets had weak closings overnight, which dragged Asian markets lower and the European markets followed.

The Sensex ended the day with losses of 284 points, while the Nifty closed lower by 82 points. Leading the set of losers from the Nifty were IT stocks, after worries that visa payment charges maybe doubled by the US. Stocks like Infosys, TCS, HCL Tech and Tech Mahindra fell on worries that margins maybe hurt following the move.

Nifty Ends Lower As Global Markets See Sell-off
Reliance Industries, which had surged in the last few trading session was another heavyweight stock that was weak.

Banking stocks, particularly PSU banking stocks gained in trade with Union Bank jumping 3 per cent, while Oriental Bank rallied 4 per cent in trade.

Private sector banks ended flat and were resilient in today's trade. ONGC and Oil India continued to see selling pressure following a decline in crude prices.

L&T ended the day flat, even as Nomura cut the price target on the stock. Bajaj Holdings and IDBI jumped 4 per cent each and were the biggest gainers from the midcap space.

Meanwhile, markets across Asia ended the day with losses, while most of Europe was trading lower, following weak closings in the US.

The rupee was trading with marginal gains at 66.34 to the dollar.

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