Following a 75 point interest rate hike by the US Federal Reserve and little hope for respite, Sensex opened 250 point lower at 60,609. Nifty was also bogged down by weak global cues to start the day below 18,000 as indices remained in the red for two straight days.
As most stocks delivered negative performances, automobiles and FMCG remain exceptions, while IT and real estate have been hit the hardest. Although Indian investors await the outcome of RBI's off-cycle monetary panel meeting, the discussion is more likely to be focussed on inflation rather than rate hikes.
With interest rates up, the US dollar has gained strength, pushing the Rupee down by 8 paise to 82.88.
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