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Sensex and Nifty are volatile as the US Fed raises interest rate to manage 40-year-high inflation

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On Thursday, volatile trading was witnessed on the Indian stock market’s key indices, Sensex, and Nifty, following weakness in global peers. The US Federal Reserve increased policy rates by 75 basis point, the largest increase since 1994. This was in response to inflation spiraling to a 40 year high.
The benchmark Indian indices began the day with a positive outlook after the Fed’s overnight rate hike. It fell sharply in afternoon, following weakness in global peers.
The 30 stock S&P BSE Sensex was trading 498.02 points or 0.95 percent down at 52,043.37 points at 12.56 pm, against its previous day’s close at 52,541.39 points.
The Sensex had earlier seen strong gains of 53,018.91 point and rose to a high 53,142.50 point in the morning trading. The index dropped by approximately 1000 points from the day’s high in the morning trade.
Indian stock markets are currently under selling pressure for the fifth straight session. On Wednesday, the Sensex fell by 152.18 point or 0.29 percent. The index has dropped by 153.13 points on Wednesday, 1456.74 point, and 1016.84 in the three preceding sessions.

Nifty 50 of National Stock Exchange traded 174.85 Points or 1.11 Percent lower at 15,517.30, compared to the close of 15,692.15 points.
The Nifty 50 began the day at 15,832.25 and rose to a peak of 15,863.15 in the intraday. The intra-day low for the Nifty was 15,505.95, which is the lowest point in almost a full year.
For the fifth consecutive session, the Nifty trades in the red. On Wednesday, 39.95 points or 0.25 per cent had been lost by the Nifty.
Tata Steel fell 4.56 percent to Rs. 915.95. Wipro dropped 3.96% to Rs 422.75. Bharti Airtel dropped 3.74 percent, to Rs 656.50. Tech Mahindra dropped 3.41 percent, to Rs 985.30. NTPC fell 3.27 percent to Rs 143.35.
All markets were under selling pressure. All 30 Sensex scrips were in the red. Twelve of the thirty scrips had losses of more than 2 percentage points.

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