Sensex, Nifty volatile as US Fed raises interest rates to control 40-year high inflation

Mumbai (Maharashtra) [India], June 16 (ANI): The Indian stock markets' key indices, Sensex and Nifty, witnessed volatile trading on Thursday tracking weakness in the global peers after the US Federal Reserve raised policy rates by 75 basis points, the highest increase since 1994, in order to control inflation that has spiraled to a 40-year high.
India's benchmark indices started the day in the positive after the overnight Fed's action on the rate hike. However, it fell sharply in the afternoon tracking weakness in global peers.
The 30 stock S&P BSE Sensex was trading 498.02 points or 0.95 per cent down at 52,043.37 points at 12.56 pm, against its previous day's close at 52,541.39 points.
Earlier, the Sensex started the day with strong gains at 53,018.91 points and rose to a high of 53,142.50 points in the morning trade. However, the index turned negative in the late morning trade slumping by around 1000 points from its day's high.
The Indian stock markets are under selling pressure for the fifth consecutive session. The Sensex had slipped by 152.18 points or 0.29 per cent on Wednesday. The index had slumped by 153.13 points, 1456.74 points and 1016.84 points in the previous three sessions, respectively.
The broader Nifty 50 of the National Stock Exchange was trading 174.85 points or 1.11 per cent down at 15,517.30 points against its previous day's close at 15,692.15 points.
Earlier, the Nifty 50 started the day sharply higher at 15,832.25 points and rose to a high of 15,863.15 points in the intra-day. The Nifty slipped to a low of 15,505.95 points in the intra-day, the lowest level in almost a year.
The Nifty is trading in the red for the fifth session in a row. The Nifty had lost 39.95 points or 0.25 per cent on Wednesday.
Tata Steel tumbled by 4.56 per cent to Rs 915.95. Wipro slumped 3.96 per cent to Rs 422.75. Bharti Airtel dipped 3.74 per cent to Rs 656.50. Tech Mahindra slumped 3.41 per cent to Rs 985.30. NTPC slipped 3.27 per cent to Rs 143.35.
Selling pressure was across the board. All the 30 scrips that are part of the Sensex were trading the red. 12 of the 30 scrips were trading with loss of more than 2 per cent. (ANI)