MARKET LIVE: Sensex trims early losses, down 100pts; Nifty50 below 17,700

Domestic markets opened lower on Thursday after the US Federal Reserve’s 75 basis point rate hike sent global markets into a tailspin. Key indices Nifty50 dropped 100 points to trade below 17,650 levels and the S&P BSE Sensex declined over 450 points to trade at 58,996 levels.

Weakness ensued the broader markets as well, as Nifty MidCap and SmallCap indices slipped up to 0.1 per cent.

Barring Nifty FMCG and Nifty Media, which opened with marginal gains, most sectors nosedived in negative territory. Nifty IT and Nifty Bank indices declined the most – up to 1 per cent.

While ITC, HUL, Nestle India attempted to trim losses for the benchmark indices; Bajaj Finserv, Tech Mahindra, Wipro, HDFC contributed to the sharp cuts.

That apart, among individual stocks, shares of Punjab National Bank (PNB) gained 2 per cent after it raised Rs 658 crore through Basel III compliant additional Tier-1 bonds.

Besides, shares of Ashoka Buildcon surged over 2 per cent after the company won an order worth Rs 258.12 crore from South Western Railways.