New Delhi, Sept. 17 -- The Indian stock market closed Thursday's trade on 17 September with modest gains, as traders shrugged off the US Federal Reserve's rate hike, which had been largely priced in.

While equities held on to their gains, the Indian rupee extended its losses to multi-week lows amid growing concerns that overseas investors could accelerate selling following the Fed's move.

Although the key benchmark indices remained higher for the second consecutive session, they were still below Tuesday's highs. For the week, both indices are down more than 0.40%. If they close the week lower, it would mark their sixth consecutive week of losses.

The Nifty 50 wrapped up the session at 23,270, up 0.23% from the previous close, while the...