The Indian equity market snapped its seven-day winning streak on Thursday, tracking subuded global sentiments after the US Federal Reserve raised its benchmark interest rates by 25 basis points. One basis point is hundredth of a percentage point.

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Surprising markets, the Fed also said that it now sees two more rate hikes in 2019 as against three projected earlier, while the market was expecting just one hike. So far in 2018, the Fed has raised interest rates four times.

The Sensex fell more than 210 points to trade at 36,274 at 9.16 am, while the Nifty was trading at 10,882, down by nearly 85 points, or 0.77 percent.

Broader markets also underperformed with the Nifty MidCap dipping 0.71 percent. The BSE MidCap also plunged by 0.52 percent.

Among sectoral indexes, only 5 sectors advanced against 38 declining sectors. BSE Healthcare was the best performing sector, rising nearly half a percent. Realty, consumer durables and auto were other stocks moving higher. BSE Metal was the weakest among falling sectors. Energy, telecom and utilities were other sectoral indexes under pressure.

Among shares, metal stocks came under pressure with Hindalco dipping 2.47 percent, followed by Vedanta at 1.89 percent. BPCL, GAIL and Bharti Airtel fell between 1.29 and 1.45 percent.

Among index gainers, Indiabulls Housing Finance continued its upward trend, rising 1.12 percent, while Tech Mahindra, UltraTech Cement, Asian Paints and M&M, rose between 0.63 and 1 percent.

The rupee opened lower at 70.68 against the US dollar on Thursday. The home currency had closed at 70.40 on Wednesday, after breaching the $70 mark intra-day.

Asian shares dipped with Japan's Nikkei down by 2.5 percent. Hong Kong's Hang Seng also slipped by more than a percent.

First Published:Dec 20, 2018 10:06 AM IST