Nifty drops 29 pts on Fed rate hike

The Nifty 50-share index declined by 28.85 points to 8,153 on emergence of selling in pharma, FMCG, media, auto and energy stocks after US Federal Reserve hiked rate by 25 bps.
Overseas, most European stocks were trading mixed after the Federal Reserve raised interest rates for the first time in a year and as investors eyed the Bank of England's monetary policy decision due later.
Asian stock markets edged lower as dollar strengthened sharply and investors digest the Federal Reserve's first interest rate rise this year.
Back home, the Nifty opened lower at 8,128.40 and moved in a range of 8,225.90 and 8,121.95 before ending at 8,153.60, showing a fall of 28.85 pts or 0.35 per cent.

It saw an intra-day movement of about 103.95 points.
On sectoral front, Pharma fell by 1.88 per cent, FMCG (0.87 per cent), Media (0.63 per cent), Energy (0.39 percent), Infra (0.31 per cent) and Auto (0.30 per cent).

However, PSU Bank rose by 0.75 per cent followed by IT 0.66 per cent, Bank 0.33 per cent, Pvt. Bank 0.24 per cent and realty 0.24 per cent.
Major index laggards were ONGC (32.38 per cent), Sun Pharma (4.19 per cent), TataMtrDvr (2.74 per cent), Grasim (2.29 per cent), NTPC (2.05 per cent) and Tata Motors (1.94 per cent).
The gainers included TCS (2.34 per cent), Axis Bank (2.33 per cent), HCL Tech (1.38 per cent), M&M (1.07 per cent) Bank of Baroda (0.98 per cent).

A total of 805 scrips advanced 781 advanced while 87 remained unchanged. Total securities that hit their price bands were 85.
Turnover in the cash segment rose to 17,108.61 crore from Rs 16,150.98 crore as on Wednesday.
A total of 7,960.17 lakh shares changed hands in 7,486,692 trades. The market capitalisation of NSE stood at Rs 10,489,815.20 crore.