Street @ 11 am: Sensex Slips on Hawkish Fed, Nifty IT Tanks, PSU Banks Shine

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Street @ 11 am: Sensex Slips on Hawkish Fed, Nifty IT Tanks, PSU Banks Shine

By Malvika Gurung

Investing.com -- The domestic market made a lower opening on Thursday, following negative global cues, following the US Federal Reserve’s economic projections of higher rates for a longer period in the overnight session.

The US Fed announced a 50 bps rate hike on Wednesday after a two-day FOMC policy meeting and forecasted an at least 75 bps additional rate hike by the end of 2023, along with increasing unemployment and economic growth nearly stalling.

At the time of writing, the equity benchmark indices Nifty50 declined 0.45% and Sensex contracted 318.14 points or 0.51%. The market volatility barometer India VIX slid over a percent, while sectoral indices listed under the Nifty umbrella traded on a mixed note.

Banking, financial and auto stocks lifted the market mood while IT stocks exerted pressure. Industry heavyweights like Infosys (NS: INFY ), Tech Mahindra (NS: TEML ) and HCL Tech (NS: HCLT ) led the losses on Nifty50.

Nifty IT tanked 1.2%, followed by Nifty Metal , while Nifty PSU Bank jumped 1.41% while writing. Nifty Bank traded on a flat note.

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