Nifty, Sensex bleed in reaction to US Fed's interest rate hike

The market on Thursday opened lower after tracking global markets reacting to Federal Reserve's interest rate hike.

The Sensex traded down 165.32 points or 0.6 percent at 26437.52 and the Nifty traded down 53.20 points or 0.6 percent at 8129.25.

Shares such as Tata Motors, ITC, Bharti Airtel, Sun Pharma and Hero MotoCorp were amongst the losers in the Sensex, while amongst the gainers are Adani Ports, Cipla, Infosys and Dr Reddy's Labs.

Federal Reserve raised interest rates by a quarter point and signaled hikes could come next year at a faster pace than some expected. The Fed's decision to raise rates comes as President-elect Donald Trump, who will be sworn in next month, is seen cutting taxes and increasing spending on infrastructure.

Fed Chair Janet Yellen indicated the central bank was, at the margins, adapting to Trump, as some committee members began shifting fiscal policy assumptions to slightly faster growth and lower unemployment.

On the other hand, the Indian rupee has opened at 67.76 against the US dollar, down 33 paise from previous close after the Federal Reserve hiked interest rate and its commentary was more hawkish than expected.

US stocks fell the most in two months Energy stocks weighed the most on the S&P 500 after a sharp drop in US crude oil prices. The Fed's decision to raise rates comes as President-elect Donald Trump, who will be sworn in next month, is seen cutting taxes and increasing spending on infrastructure.

Among asset classes, US crude prices fell nearly 4 percent, the most since mid-July, on renewed concerns about an oil glut sparked by rising U.S. crude inventories in storage.