Markets plunged on the weekly expiry day, losing more than 2%, amid weak global indications. The benchmark began with an upswing in response to the US Fed’s rate boost, which was expected. However, it couldn’t last long and progressively dropped as the day proceeded.

Also read: Impact of US Feds’ biggest rate hike since 1994 on India

The Indian market fell for the fifth consecutive day on Thursday, with the Nifty50 and Sensex closing down at 2%. The broader Nifty fell below 15,400, while the Sensex fell by approximately 1000 points.

The weakening was caused by widespread profit-taking in mid and small-cap companies.

Also read: Stock market midday report: Sensex down 360 points, Nifty around 15,570

“FED effect coupled with a delayed start to the southwest monsoon wrecked havoc as the Nifty caved in below 15400 for the first time in the last one year,” S Ranganathan, Head of Research at LKP Securities, stated.

Also read: US Stock Market: DJIA, S&P500, Nasdaq and Russell ended in green on Wednesday

Meanwhile, in the broader market, the Nifty midcap and small-cap indexes fell by about 2% and 3%, respectively, on Thursday.

Nifty Metal suffered the most among sectoral indices, falling more than 5%, while all other indices fell into the red.

Also read: Gold, silver and other metal prices on Thursday, June 16, 2022

In a declining market, Hindalco, Tata Steel, ONGC, Coal India, Tata Motors, IndusInd Bank, Bharti Airtel, Tech Mahindra, and Wipro fell the most.

Also read: Sensex surges 600 points while Nifty around 15,860 in early trade

Nestle India and Britannia were the only firms to rise among the main indices’ 80 listed equities on Thursday, while 48 shares sank on the Nifty50 and only one rose on the 30-share BSE Sensex.

Markets are apprehensive about how global economies will thrive in the face of rapid tightening.