Fed rate hike worries spook investors, IT takes a big hit

India’s stock indices ended down nearly 1% on Tuesday led by technology stocks as investors fretted over the possibility of a sharp hike in interest rate in the US on Wednesday. This was the second consecutive day of loss for the indices.

The US Fed is widely expected to raise interest rates by 75 basis points when it announces the policy meeting outcome late Wednesday in a bid to tackle rising inflation. Investors will also be looking at the commentary from the Fed for further cues.