Equity indices edge lower, Adani Ports drops 9 pc

Equity benchmark indices traded lower within a narrow band on Thursday, a day after the US Federal Reserve projected at least two interest rate hikes in 2023.

At the closing bell, the BSE S&P Sensex was down by 179 points or 0.34 per cent at 52,323 while the Nifty 50 tumbled by 76 points or 0.48 per cent to 15,691.

Except for Nifty IT and FMCG, all sectoral indices at the National Stock Exchange were in the negative zone with Nifty metal down by 2.3 per cent, realty by 1.7 per cent and auto by 1.4 per cent.

Among stocks, Adani Ports tumbled by 9 per cent to Rs 643.20 per share, IndusInd Bank dipped by 2.9 per cent and Axis Bank by 1.6 per cent.

Hindalco, Dr Reddy’s, Eicher Motors, Hero MotoCorp and Maruti Suzuki also traded lower with slim margins.

However, tech stocks gained with Tata Consultancy Services moving up by 1.6 per cent, Infosys by 1.4 per cent, Tech Mahindra by 1.3 per cent, Wipro by 0.7 per cent and HCL Technologies by 0.6 per cent.

Meanwhile, Asian equities fell to a three-week low after the US Fed Reserve stunned investors by signalling it might raise interest rates at a much faster pace than assumed.

MSCI’s broadest index of Asia Pacific shares outside Japan was down about 0.6 per cent to its lowest since late May.

Japan’s Nikkei fell 0.9 per cent while South Korea’s Kospi erased gains by 0.42 per cent. But Hong Kong shares gained by 0.43 per cent.

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