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Equities suffer losses, Nifty settles below 9,600

Press Trust of India  |  Mumbai 

Equities slipped back into the red today after a 2-day positive spell as the declined over 80 points and the cracked below 9,600, with investors treading with care after the US Federal Reserve's

"Fed's 25 bps was on the expected lines, but the domestic market slid due to the Fed's hawkish view to trim its balancesheet with one more during the year despite weakness in economic growth... Sector-specific ups and downs may remain as implementation is round the corner," said Vinod Nair, Head of Research, Services Ltd.


The 30-share Sensex, after opening higher, scaled a high of 31,229.44, but slipped to end lower by 80.18 points, or 0.26 per cent, at 31,075.73.

The index had moved up 60.21 points in the last two sessions.

The after shuttling between 9,621.40 and 9,560.80 settled at 9,578.05, down 40.10 points, or 0.42 per cent.

Caution took hold after the US Fed raised its key by 25 basis points and announced plans to start cutting down its balancesheet, and on an overnight slump in crude prices.

The rupee's vulnerability came to the fore, which crashed 23 paise against the dollar to 64.53 after the US Fed action.

Fears of a deeper political turmoil in the US hit risk sentiment after reports suggested that President Donald Trump is being investigated by a special counsel for alleged obstruction of justice.

Shipping Corporation of India soared to its one-year high and settled 7.62 per cent higher following reports that NITI Aayog has proposed strategic sale of about 26 per cent stake in the company.

Domestic institutional investors (DIIs) purchased shares worth a net Rs 71.65 crore while foreign portfolio investors (FPIs) offloaded shares worth Rs 161.13 crore yesterday, provisional data showed.

Japan's Nikkei and Hong Kong's Hang Seng retreated. The Shanghai Composite index rose. Europe was trading in the negative zone.

Back home, of the 30-share pack, TCS plunged the most (2.42 per cent), along with L&T, ONGC, M&M and Coal India.

Among sectoral indices, oil and gas declined by 1.15 per cent followed by PSU, IT and technology. Realty firmed up 2.16 per cent, followed by healthcare.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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