Indian equities opened lower as the US Federal Reserve hiked interest rates and signalled a faster pace of increase in interest rates. While the interest rate hikes of 25 basis points was on expected lines, what did not go down well was the hawkish tone of the US Fed. In fact, it signalled as many as three rate hikes next year.
The Sensex dropped 58 points in trade, while the Nifty fell 19 points in trade, following the rate hike decision.
Leading the set of losers from the Nifty were stocks from the banking space like ICICI Bank, State Bank of India and Punjab National Bank. Adani Ports, Cipla and Infosys were the only stocks that managed to gain ground from the Nifty.
Meanwhile, FIIs on December 14, 2016 stood as net seller in both equity and debt segment. Gross equity purchased stood at Rs. 3992.73 Crore and gross debt purchased stood at Rs. 4157.15 Crore, while the gross equity sold stood at Rs. 4724.59 Crore and gross debt sold stood at Rs. 4568.59 Crore. Therefore, the net investment of equity and debt reported were Rs. -731.86 Crore and Rs. -411.44.