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Taking Stock | Market spooked by Fed's hawkish stance; Sensex down 581 points, Nifty below 17,200

Still, more than 100 stocks, including Raymond, PSP Projects and Maruti Suzuki, hit a 52-week high on the BSE

January 27, 2022 / 04:33 PM IST

After a sharp recovery in the previous session, Indian benchmark indices plunged more than 2 percent intraday on January 27 after Federal Reserve chair Jerome Powell signalled an interest rate hike in March.

The market recovered from the day’s low but not enough, as the Sensex closed 581.21 points, or 1 percent, down at 57,276.94, and the Nifty ended 167.80 points, or 0.97 percent, lower at 17,110.20.

The Federal Reserve on January 2 said it was likely to hike interest rates in March and reaffirmed plans to end its bond purchases that month in what Powell pledged would be a sustained battle to tame inflation, Reuters reported.

"As the Fed left key interest rates near zero, its hawkish commentary quickly washed away gains in global markets leading to a gap down opening in indices back home," said S Ranganathan, Head of Research at LKP Securities.

Sensex59,330.90-874.16 -1.45%
Nifty 5017,604.35-287.60 -1.61%
Nifty Bank40,345.30-1,302.35 -3.13%
Nifty 50 17,604.35 -287.60 (-1.61%)
Fri, Jan 27, 2023
Biggest GainerPricesChangeChange%
Tata Motors445.6026.55 +6.34%
Biggest LoserPricesChangeChange%
Adani Enterpris2,761.45-627.50 -18.52%
Best SectorPricesChangeChange%
Nifty Auto13089.70132.55 +1.02%
Worst SectorPricesChangeChange%
Nifty PSU Bank3821.05-219.25 -5.43%