Sensex, Nifty slip for 5 Straight Days, Stock to buy Now

After opening strongly higher on Thursday, benchmark market indices fell for the fifth day in a row, highlighting investors' conflicting opinions on the US Federal Reserve's largest rate hike since 1994 and its impact on the global economy.

The 30-stock BSE Sensex closed 1045.60 points, or 1.99%, lower at 51,495.79, after quickly rebounding to open in the green earlier, fueled by global stocks surge overnight. The broader NSE Nifty was down 331.55 points, or 2.11 percent, at 15,360.60.

The headline indices were wreaked by widespread selling, with market heavyweights Reliance Industries and the HDFC Finance, HDFC Bank contributing for the majority of the losses.

Tata Steel, Tech Mahindra, IndusInd Bank, Wipro, Bharti Airtel, Bajaj Finance, Kotak Mahindra Bank, and NTPC were the worst performers within the Sensex group, while Nestle India was the single gainer.

Following a surprise high inflation number last week, markets anticipated the Fed's 75 basis point move on Wednesday and factored in several more.  However, following Fed Chair Jerome Powell's news conference, the dollar sank and global shares surged before stopping during Asia trading.

While global risk assets gained overnight following the US policy announcement, initial comfort that the Fed did not hike rates as much as predicted began to fade in the face of an aggressive outlook.

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