Sensex Falls 141 Points On Fed Rate Hike, Fund Outflows

Besides, foreign fund outflows too kept pressure on the rupee, they said.

Hectic bargain-hunting amid short covering led the key indices back to green despite a weak trend at other Asian markets after the US Federal Reserve hiked interest rate indicating more to come next year.

The Sensitive Index (Sensex) of the BSE, which had closed at 26,602.84 points on Wednesday, opened lower at 26,497.71 points.

The index touched a high of 26,736.34 points and a low of 26,547.05 points during the intra-day trade.

The 30-stock gauge had lost about 95 points in the previous session.

NSE 50-share Nifty was also up by 27.10 points, or 0.30 per cent, at 8,209.55.

India is seen as relatively better placed than other emerging markets to weather the impact of higher USA interest rates because of the country's stronger economic growth and record high foreign exchange reserves of more than $300 billion.

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MUMBAI/BENGALURU The rupee fell to a one-week low on Thursday, while bonds also slumped after the U.S Federal Reserve signalled a faster-than-expected pace of tightening next year, raising concerns about outflows from emerging markets.

HDFC Bank, ICICI Bank, Sun Pharma, Bharti Airtel, ONGC, Asian Paints, ITC Ltd, Coal India and Hindustan Unilever were the major losers that pulled down the key indices.

Analysts expect a 25 basis-points rate increase by the Fed when it concludes its two day rate-setting meeting later today.

In Asia, China's Shanghai Composite fell 0.5% while Hong Kong's Hang Seng and Japan's Nikkei 225 ended little changed. In sync with the trend, the small-cap index rose 0.21% and mid-cap ended nearly flat.

Meanwhile, foreign funds sold shares net worth Rs 2,181.03 crore yesterday, as per the provisional data. "Concerns are widespread that higher rates in the United States will attract foreign investments from emerging markets to the USA", said Karthikraj Lakshmanan, Senior Fund Manager Equities, BNP Paribas Mutual Fund.

On the other end of the table, French utility EDF fell around 12 percent, wiping off about 2.5 billion euros from the company's market value, after warning of lower earnings in 2017.

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