INSUBCONTINENT EXCLUSIVE:
The market indices snapped a three-session gaining run
The shares fell in tune with Asian peers, as the US Federal Reserve raised US interest rates and struck a hawkish tone in forecasting a
slightly faster pace of tightening
Asian shares dropped after the Fed raised its benchmark overnight lending rate to a range of 1.75 percent to 2 percent and forecast two
additional hikes by the end of this year, compared to one earlier
The MSCI's broadest index of Asia-Pacific shares outside Japan declined 1.16 percent
In the morning trade, Sensex fell by over 200 points while the Nifty shed over 65 points.Among sectoral indices, BSE teck index declined by
Moreover, there is an overhang from the European Central Bank (ECB) policy as all these central banks are on the reverse course now," said
Saurabh Jain, AVP, research, SMC Global Securities.The ECB at its meeting on Thursday will debate whether to end a massive bond purchase
scheme later this year, taking its biggest step yet in dismantling crisis-era stimulus credited with reviving growth after a double-dip
recession.The Nifty IT index fell as much as 1.5 percent and was on track to end a six-session winning streak
The Nifty PSU bank index lost as much as 1.9 percent, after gaining in the last six sessions.ICICI Prudential Life Insurance Co Ltd dropped
as much as 2.9 percent after ICICI Bank Ltd said it would sell a 2 percent stake in the insurer.Oberoi Realty Ltd dropped as much as 3.6
percent after the real estate developer said it would offer shares to institutional investors.Meanwhile, shares of Ruchi Soya Industries
Ltd, which has been undergoing an insolvency resolution process since December, climbed 4.7 percent to hit their upper price limit before
closing at 4.95 percent higher at Rs 13.37, after the edible oil producer said its committee of lenders declared Adani Wilmar Ltd as top
bidder for the company.(With Reuters inputs)
