Sensex breaks its rally to end 262 points lower, ahead of US Fed rate hikes

Sensex has closed 263 points lower, as fears over US Federal Reserve’s rate hikes have weighed down Indian indices, while Nifty was held below 17,750. Ahead of the US Fed’s decision set to be announced tonight, equity investors decided to liquidate their investments and walk away with a profit.

Putin’s announcement for partial mobilisation in Russia also created apprehension in global markets over a possible escalation, and lowered the risk appetite. While FMCG stocks gained, most sectors ended the day in red, with metal, pharma, oil and real estate as the worst performers.

Asian markets were also bogged down ahead of an imminent rate hike, with Japan reporting its lowest close in more than two months. China’s blue chip stocks also ended the day at their lowest levels in four months. The conflict in Russia also triggered a fall in European stock markets as they started the day.