Fed rate hike, FII selling weigh on Nifty; IT drags, FMCG leads

The Nifty 50 opened cautiously at 23,250.55 on Thursday, September 17, after a slight decline in the previous session. The cautious opening was driven by the US Federal Reserve's decision to raise its benchmark interest rate by 25 basis points to a 3.75 per cent–4 per cent target range, signalling potential further increases throughout the year.

While some Nifty 50 stocks, such as BEL and Bajaj Finance, showed gains, IT and FMCG sectors saw contrasting performances, with the IT index falling 1.55 per cent and FMCG gaining 1.62 per cent. Foreign institutional investors continued to sell equities, with a net selling of approximately ₹2,000 crore in a single day, raising concerns about the impact on Indian markets.

Brief written by urgent.news from Hindu BusinessLine's own syndicated text. Machine-written — may contain errors; check the original before relying on it.